Indian benchmark indices gained for the fourth straight day to close at a four-month high. Today's uptrend was driven by information technology and financial services stocks.
On Thursday, Nifty50 ended closer to the crucial 17700 mark while Sensex closed above 59000. Nifty50 settled 0.7 percent higher at 17659 and Sensex was up 0.9 percent at 59332.60.
So far, the market has closed higher in seven out of eight sessions of August.
Rupen Rajguru Head-Equity Investment & Strategy Julius Baer said, “From here on, from an Indian market perspective, I think the earnings momentum and the economic momentum will drive the markets from here. Short term momentum in the markets can definitely take us higher, but as we were extremely bearish a month back probably now, we are getting into that, if not extreme bullish but no good amount of bullishness right now, so this pendulum can swing anytime”.
Here's how Rupee closed:
Global markets
Key indices in Europe were in the red while MSCI’s broadest gauge Asia Pacific ex-Japan index was up about 2 percent. S&P futures were up 0.4 percent hinting at a higher start for Wall Street.
The US reported a better-than-expected inflation print. Despite the improved US inflation reading, analysts warned the war on higher prices is not over.
The inflation data encouraged traders to scale back bets for how much the US Federal Reserve will raise interest rates at its next meeting. Interest rates help set where prices go across financial markets and higher rates tend to pull down prices for everything from stocks to commodities to crypto.
Meanwhile, gold prices edged lower on Thursday from last session's one-month peak, weighed down by hawkish policy remarks by the Fed officials even as data pointed to signs of inflation peaking.
Spot gold fell 0.3 percent to $1,786.71 per ounce, after hitting its highest since July 5 at $1,807.79 on Wednesday. US gold futures slipped 0.6 percent to $1,802.30.
(With inputs from agencies)
