Power Grid Corporation of India Ltd (up 3.12%), Titan Company Ltd (up 2.66%), HDFC Life Insurance Company Ltd (up 2.43%), Mahindra & Mahindra Ltd (up 2.26%), and Bharat Petroleum Corporation Ltd (up 2.26%)were among the top gainers of Nifty 50. Hindalco Industries Ltd (down 2.19%), HDFC Bank Ltd (down 1.93%), Adani Ports and Special Economic Zone Ltd (down 1.80%), and Dr Reddy's Laboratories Ltd (down 1.68%) were among the laggards today. Indian stock indices touched fresh highs on Friday, largely due to strong cues from US markets and consistent fund inflows by foreign portfolio investors.
On Thursday too, they tasted fresh highs. Sensex and the Nifty scaled new highs on Friday, driven by gains made by heavyweights of the banking, auto, and IT industries including HDFC Bank, TCS, and Mahindra & Mahindra. Market sentiment was optimistic, mirroring favourable global cues after recent data suggested that China's economy might be on the recovery.
Investors this week are likely to be cautious in light of the US Federal Reserve meeting set for Tuesday and Wednesday. During its July meeting, the US central bank increased its benchmark interest rate by 25 basis points, making it the highest in the past 22 years at 5.25–5.5%. This move was made in an effort to tackle rising inflation.
Also Read: Market Wrap: Sensex snaps 11-day winning streak; PSU banks buck the trend "Domestic markets relinquished their momentum as they anticipated a raft of policy rate decisions due this week. The investor's confidence was also impacted by the expectations of a demand resurgence in China, combined with crude supply cuts. With the Fed rate hike fears back on the cards, as reflected in the elevated US bond yields, the markets await clarification. Read more on livemint.com