Domestic equity continues the journey to the north behind positive global cues and 1QFY23 revenue that is better than expected. Nifty opened a higher and sustainable momentum to be closed near Day High with a profit of 114 points (0.7 percent) at 16,719.Apart from that, pharmacy and oil & gas, all other sectors ended in green with banking and financial services to be the top visitors, up more than 1 percent.
Nifty car index jumped 8 percent in July to the highest lifetime of 12,690 due to good progress in the rainy season, expectations of resurrection in rural demand and increased chip supply, Motilal Oswal Financial Services said in a report.The global market is positive despite the increase in surprise levels of 50 basis points by the European central bank, the first increase in 11 years, and the weak German manufacturing PMI data.
On Monday, domestic equity will react to the results of several index heavy class (with more than 30 percent of good body weight), which will announce their numbers during the weekend, the report said.India Vix has also cooled ~ 20 percent to 16.65 levels in the past month, showing a decrease in volatility and supporting overall bullish sentiment, the report said.
Crude oil prices also increase rupees on Friday.Jateen Trusted, VP Research Analyst in LKP Securities, said that the traded rupees were bound, floating around 80-signing throughout the week against the dollar due to the dollar index traded between the range of 106 and 109.
The rough price of around $ 105 in Brent shows volatility but once again training back to the same level the previous week gave a small momentum of Rupee.”All eyes are on Fed’s statements and policies next week for further cues and direction. The range of rupees until then can be seen between 79.75 and 80.20,” Trivedi said.In the global field, the FED US meeting and the US GDP Q2 data will be the main event that must be considered.
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