Markets to continue uptrend till blow-off happens

Bombay Stock Exchange (BSE). (File Photo: IANS)

BY ARUN KEJRIWAL
The week gone by began with a bang and markets gained on all five trading days. The BSESENSEX gained 1,032.59 points or 2.69 per cent to close at 39,467.31 points. NIFTY gained 276.00 points or 2.43 per cent to close at 11,647.60 points. The broader market saw BSE100, BSE200 and BSE500 gain 2.27 per cent, 2.30 per cent and 2.30 per cent, respectively. BSEMIDCAP was up 1.90 per cent while BSESMALLCAP was up 2.30 per cent. It appeared as if the markets were tiring out on Thursday and then the banking pack kicked in and took the markets up quite sharply. The top weekly gainers in the banking pack were Indus Ind up 27.93 per cent, AXIS Bank 15.82 per cent, SBI 13.36 per cent, ICICI Bank 10.40 per cent, Kotak Bank 9.55 per cent and Bandhan Bank 9.52 per cent. The BSEBANKEX itself was up 10.34 per cent.
The Indian rupee registered sharp gains against the US dDollar and was up Rs 1.46 or 1.95 per cent at Rs 73.38 to the dollar. The week and month have seen strong inflows from FPI’s into the capital markets and they have in August 2020, invested over Rs 46,000 crore so far. Dow Jones gained 723.54 points or 2.59 per cent to close at 28,653.87 points. Dow is now trading with gains of 0.40 per cent compared to the opening level of the calendar year and is back to the pre-Covid-19 levels of March 2020.
August futures expired on Thursday on a quiet note. While the month or the series saw gains of 457.10 points or 4.12 per cent, Thursday itself was a quiet day and NIFTY gained under 10 points. This is the third consecutive month of gains for the indices.
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