Dear Readers Quick recap of the market for the current week is enclosed.( 23rd August to 29th August 2021).
Hope You are doing well.
This was a historical week for the Indian market, as both Nifty and Sensex continue to maintain record highs. Nifty made a high of 16722.05 and close at 16705.20 levels with giving life time high closing. Sensex made a high of 56198.13 and close at 56124.72 with giving life time high closing. The Market rise has been driven by a combination of factors like strong quarterly results by listed companies spread across sectors, global growth recovery, and global stock market performance as well as relative lack of investible alternatives for a large number of investors given low-interest rates, etc. Also, market euphoria is visible in the mid and small cap space which can see a material impact in case rising expectations are not met.
In the coming week, the market participants will focus on 16,750 (for Nifty) and 16,350 levels. Ahead of the major event, the market has defined the trading range and based on that we would see break out and break down in the market. Above the levels of 16,750, chances of hitting 17,000 would turn bright while below 16,350, the Nifty would fall to 16,000 levels.
Sectorally, buying was seen in Metal stocks, while selling pressure was visible in IT, realty, Pharma and industrials.
Last week, the Indian rupee rise against the US dollar as it closed marginally higher at 73.4700 on August 27 against its August 20 closing of 74.37.
Market Update: 27th August 2021
Sensex: 56,124.72 ▲ 0.31%
Nifty: 16,705.20 ▲ 0.41%