With the return of excitement in the global markets, the domestic stock markets have once again returned to the path of making records. During the week, both the BSE Sensex and NSE Nifty again touched their new all-time high level. At the same time, the longest rally in the history of NSE was also recorded.
However, the economic data released on the last day of the week proved to be somewhat disappointing. Official data shows that the GDP growth rate has reached a 15-month low. The data was released after the market closed on Friday. In such a situation, the impact of GDP data may be seen on the market this week.
There was a slight increase on the last day of the week
On the last day of last week, i.e. Friday, August 30, there was a slight rise in the domestic stock market. The BSE Sensex closed at 82,365.77 points, up 231.16 points or 0.28 percent. At the same time, the Nifty strengthened by 83.95 points (0.33 percent) to close at 25,235.90 points. The domestic market got a lot of support from the return of vibrancy in the global markets during the last week.
The market rose this much for the whole week
On a weekly basis, the BSE Sensex gained a massive 1,383.82 points (1.70%). On the other hand, the NSE Nifty gained a massive 518.20 points (2.09%) for the entire week. During the week, the Sensex managed to reach new historic highs of 82,637.03 points and the Nifty 25,268.35 points.
The longest rally in the history of Nifty
The domestic stock market has been rising for 9 consecutive trading sessions. In the last 9 sessions, the Sensex has risen by 1,941.09 points or 2.41 percent. On the other hand, the NSE Nifty has strengthened by 1,096.9 points or 4.54 percent in the last 12 sessions. According to a Mint report, this is the longest rally in the 31-year history of the Nifty. Since the beginning of this year, the Sensex has risen by 14 percent and the Nifty by 16 percent.
Rally expected to continue in domestic market
Market experts predict that the rally in the market may continue during the new week as well. They say that despite no fresh trigger during the last week, the market managed to climb and reached new records. The market is not going to react much to the softness in GDP figures. On the other hand, the market is expected to get support from the improved environment in foreign markets, the rush of IPOs and the changed attitude of foreign investors. In such a situation, it is believed that the market (Nifty) may soon cross the level of 26 thousand points.
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