These days, a great rally is being witnessed in the domestic stock market. This is such a rally in which new records are being made one after the other. The story was no different last week as well. Despite some pressure on the stock market due to the budget, the market soon picked up the pace of the rally again and new records were made again.
Tremendous recovery on the last day of the week
During the last week, on the last day i.e. Friday, July 26, the BSE Sensex gained a spectacular 1,292.92 points (1.62 percent). Thus, the Sensex closed at 81,333.72 points. Similarly, the NSE Nifty closed at 24,834.85 points on the last day with a gain of 428.75 points (1.76 percent). During the week, the Sensex gained 696.57 points (0.86 percent), while the Nifty50 index strengthened by 366.50 points.
Such a long rally came after 14 years
The domestic stock market has been steadily rising after the results of the Lok Sabha elections were announced during the first week of June. Since then, the market has fallen in only a few sessions. With the rise in the last week, the market has recorded its eighth consecutive week of gains. This is the longest continuous rally in the domestic stock market in the last 14 years.
Results of these companies during the week
Now talking about the week starting from 29th July, many factors can affect the market in the next 5 days. First of all, the ongoing quarterly results season of companies will affect the market. Now companies are releasing their first quarter financial results one after the other. Results of major stocks like ICICI Bank, PNB, Dr. Reddy’s, NTPC, REC, Indigo, IndusInd Bank are going to come during the week. 8 new IPOs are being launched during the week.
US Fed meeting is the biggest external factor
On the external front, the biggest factor affecting the market is the meeting of the Open Market Committee of the US Central Bank Federal Reserve. The meeting of the Open Market Committee of the Federal Reserve is scheduled to be held on 31 July. A decision on interest rates is going to be taken in the meeting. The market expects that the interest rate will be kept stable in the range of 5.25-5.50 percent, but any indication of further reduction will directly affect the markets around the world.
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Also read: 8 IPOs worth Rs 2000 crore are opening this week, 11 new shares will also be listed
