Week Ahead: IPO action, FII activity, global cues among key market triggers as Nifty 50 tests 22,000 this week
gains for the seventh consecutive week, marking their longest winning run since January 2018. Specifically, the BSE benchmark jumped 1,658.15 points or 2.37 per cent on the week, while the Nifty climbed 487.25 points or 2.32 per cent. Global cues triggered foreign capital inflows into Indian markets after the US Federal Reserve signalled the end of its tightening cycle.
Also Read: Over 45 smallcap stocks rise 10-30% as Sensex crosses 71,000-mark, posts longest weekly streak in 6 years The surge in domestic equities closely follows Fed Chair Jerome Powell's acknowledgment of the risks of delaying rate cuts on Wednesday, bolstering expectations of a 25 basis points (bps) rate cut by March and fueling a rally across global stock markets. On Friday, Sensex breached the 71,000 mark during the session, as domestic macroeconomic data and easing concerns over the US economic growth bolstered market sentiment. Rising for the third straight session, the 30-share BSE Sensex surged 1,091.56 points or 1.54 per cent to 71,605.76, logging its all-time intra-day high level.
The Nifty 50 also zoomed 309.6 points or 1.46 per cent to hit its record intra-day peak of 21,492.30. In the broader market, the BSE smallcap gauge climbed 0.58 per cent and the midcap index dipped 0.07 per cent. The Nifty Midcap 100 touched record high, hitting a 52-week high-mark of 45,814.45, and closed up 0.11 per cent at 45,586.55 level, while the Nifty Smallcap 100 ended 0.71 per cent higher.
Vinod Nair, Head of Research at Geojit Financial Services. said, "The IT sector rallied 7.6 per cent this week in expectation of a rise in demand from the US, optimism about AI-based opportunities, and hope that the Fed will cut interest rates in 2024. We expect a
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