Stock market this week: Indian frontline indices S&P BSE Sensex and Nifty50 ended with half a percentage points cuts on weekly basis amid profit booking at higher levels. When markets resume trading on Tuesday in the holiday shortened week, a host of important domestic and global events lined-up during this week are likely to impact them.
Major global markets will remain shut for trading on December 25, Monday on account of Christmas holiday.
«Nifty gained for the second consecutive day after witnessing a sharp fall on Wednesday. The index closed with gains of 94 points at 21,349 levels. Majority of the sectors ended in green with buying seen in IT, realty, metals and pharma. The underlying tone of the market remains positive. However, as we enter into holiday mood starting this weekend, we expect the market to remain range bound with stock specific action next week,» Siddhartha Khemka, Head — Retail Research, Motilal Oswal Financial Services.
Factors that are likely to impact movement when markets reopen this week:
US Markets
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US markets ended mixed on Friday. While Dow 30 closed at 37,386, down by 18.38 points or 0.05% the S&P 500 surged by 7.88 points or 0.17% to finish at 4,754.63. Meanwhile, Nasdaq Composite settled at 14,993, higher by 29.11 points or 0.19%.
When Indian markets reopen on Tuesday, they will take cues from the Friday closing of the US markets. They will also track movement in GIFT Nifty futures on Tuesday. The latter is an early indicator of movement in the Nifty50.
Rupee Vs Dollar
The Indian rupee posted its biggest weekly loss in over two months, even as it closed stronger on Friday tracking a rise in its Asian