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The inventory markets opened the week with a constructive sentiment. Through the pre-opening session on Monday, the important thing fairness benchmark Sensex, surpassed the 74K mark and gained over 200 factors within the morning.
Over the past week, markets exhibited main volatility, nonetheless, closed the week in inexperienced. Through the particular buying and selling session on Saturday, each Sensex and Nifty hit contemporary peaks throughout the session. The BSE Sensex closed at 73,806.15 on Saturday, whereas the NSE Nifty50 settled at 22,378.40, marking a contemporary closing excessive.
This bull run was attributed to the sturdy GDP development of 8.4 per cent reported by India for the third quarter of the present fiscal yr. The GDP development surpassed market expectations of 6.7 per cent.
Notably, international portfolio traders additionally modified their stance on the Indian equities market drastically and poured in over Rs 1,500 crore out there in February, official information revealed. This stood towards the outflow seen in Indian equities up to now within the previous months, with Rs 25,743 crore withdrawn from the section in January. This modification of technique was additionally attributed to the strong GDP numbers and company earnings.
Buyers continued to stay bullish on the debt markets and infused greater than Rs 22,419 crore within the section throughout February.
Offering an outlook, Santosh Meena, head of analysis, Swastika Investmart Ltd, famous, “Key upcoming occasions, reminiscent of the discharge of the US providers PMI on March 5, 2024, testimony by the US Fed Chair Powell, together with the US unemployment fee on March 8 shall be intently watched for his or her potential affect on market sentiment. Crude oil can be inching larger, and any destructive shock from there can disturb the temper of the market. Nonetheless, the market is ignoring any unhealthy information and persevering with its bullish momentum.”
