Q1 earnings, global cues & more: Key triggers for stock markets next week
Nifty settled at their fresh record closing highs in the previous session over gains led by shares of IT majors, such as Infosys and TCS. Positive global cues, amid expectations that the US Federal Reserve may pause rate hikes after July, also gave a fillip to domestic market sentiment last week.
IT majors Tata Consultancy Services (TCS) and HCL Technologies kickstarted the Q1FY24 earnings season on July 12, reporting mixed-to-muted results. Sustained foreign capital inflow and the weakness of the US dollar also kept the market high. The dollar fell to a fresh 15-month low against major peers on Friday and US Treasury yields traded near multi-week lows following the sharpest weekly drop in four months, according to news agency Reuters.
Sensex closed at 66,060.90, up 502 points, or 0.77 per cent - a fresh record closing high of the index. Shares of Infosys, TCS and HCL Tech ended as the top contributors to the gains in the Sensex index.
The Nifty50 also hit its fresh all-time high of 19,595.35 in intraday trade and settled at its fresh record closing high of 19,564.50, up 151 points, or 0.78 per cent. The market is teeming with positivity as expectations have grown stronger that the Fed will take a pause on rate hikes after lifting rates by 25 bps on July 26 as US inflation eased more than expected last month.
On the domestic front, India's consumer price index (CPI) inflation rose for the first time in five months to 4.81 per cent in June - pushed higher than expected due to a less supportive base and the onset of a surge in vegetable prices. ‘’The broader Indian market traded positively, reaching all-time high levels, on expectations of buoyant Q1 results, consistent FII inflows, decreasing wholesale prices, and low
. Read more on livemint.com
