Also Read: India to contribute 30% of global GDP by 2040; focus on ‘champion states’ growing at 11% per annum: Amitabh Kant The Nifty index closed the week at 22,506, while the Bank Nifty climbed by 1.68 per cent to end at 48,199. Nifty Midcap hit an all-time high at 11,347 and posted the biggest weekly gain in eight months and Nifty's small-cap closed the week at 17,009 level.
Nifty Realty and Nifty Metal hit a record high this week gaining seven per cent each. Nifty FMCG was the only sectoral indices that closed in red.
Initially, the market experienced some volatility due to a significant increase in the India VIX, which rose by more than 11 per cent, and concerns over low voter turnout in the ongoing general elections, which heightened fears of an unstable government at the center. However, market sentiment improved following comments from key government officials.
‘’Investors are expressing optimism regarding potential interest rate cuts in 2024, supported by favourable US consumer inflation data and improved jobless claims figures, which have also contributed to a surge in gold prices and strengthened the stock market rally. Uncertainties persist regarding the timing of US Fed rate adjustments...Amidst ongoing uncertainties surrounding election results and quarterly earnings, we anticipate continued volatility in the near term,'' said Vinod Nair, Head of Research, Geojit Financial Services.
Also Read: FPIs offload ₹28,242 crore in Indian equities, continue selling streak since April: What's fueling the outflow? In the coming week, primary markets will attract investors as some new initial public offerings (IPO) and listings are slated across the mainboard and small-and-medium enterprises (SME) segment. The week
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