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The stock markets continued to rally last week after exhibiting some volatility in between. The key equity benchmark, Nifty50, hit new highs during the week, however, markets continued to oscillate.
The market would focus on the quarterly GDP numbers to be released by India and the US in the coming week, along with auto sales scheduled to be revealed by month end. In the last week, both benchmark indices ended trading nearly flat. The Nifty50 settled at 22,213, while the BSE Sensex closed at 73,143.
Commenting on the market movements, Vinod Nair, Head of Research, Geojit Financial Services said, “The domestic market paused momentarily today after reaching another record high earlier in the day, driven by positive signals from global markets.” Helped by advancements in manufacturing and services, the capital goods and industrial sectors showcased strength.
Domestically, investors will keenly observe the quarterly GDP numbers for the October-December period scheduled to be released on the last day of the month. Further, the second estimate for the economic growth of the 2023-24 fiscal year is also set to be announced on Thursday.
Official fiscal deficit and infrastructure output data for January will also be released in the latter half of the week. Additionally, the HSBC Manufacturing PMI data for February is scheduled to be released on the first day of March. The PMI for January stood at 56.5, marking a four-month high. Foreign exchange reserves data for last week would also be released on Friday. Auto sales statistics for February will also be revealed in March beginning.
On the global front, the US will be releasing its economic data for the fourth quarter ended December 2023. The GDP numbers, along with new home sales, personal income and spending, pending home sales data for January are also scheduled for the week.
