Friday, July 19, 2024

8 key developments in the Indian stock market over the weekend: From Nifty’s rise to GST council meeting and US PMI data

Market Updates: Sensex and Nifty Expected to Open Lower Following Global Cues

The Indian stock market is expected to open lower today, following negative cues from global markets. Asian markets traded lower, with Japan’s Nikkei 225 falling and South Korea’s Kospi declining. The US stock market also ended mostly in the red last week, with technology stocks dragging down the indices.

On Friday, the Sensex and Nifty 50 closed lower due to profit booking and weak global sentiment. The Sensex dropped 269.03 points, or 0.35%, to close at 77,209.90, while the Nifty 50 settled 65.90 points, or 0.28%, lower at 23,501.10.

Market analyst Pravesh Gour from Swastika Investmart Ltd. mentioned that the market is expected to trade sideways next week, with bullish sentiment but potential profit booking limiting strong rallies.

Investors will be watching for updates related to the Union Budget, government policies, macroeconomic indicators, foreign fund flows, crude oil prices, and other global cues that could impact the market.

In other news, the GST Council proposed several recommendations during its 53rd meeting, and US business activity reached a 26-month high in June. However, US existing home sales fell for the third straight month in May.

Crude oil prices traded lower due to a stronger dollar. Brent crude futures fell to $84.90 a barrel, while US West Texas Intermediate crude futures declined to $80.41 a barrel.

Overall, the market is set for a cautious start today, with key domestic and global factors influencing the trading session. Investors are advised to stay informed and seek advice from experts before making investment decisions.

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