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Dalal Street Watch: Fed meeting, Q1 earnings, auto sales, OLA IPO among top 10 factors next week

Going ahead in the coming week, the market is expected to remain positive along with consolidation and will take cues from the FOMC & Bank of England meetings, monthly auto sales numbers, and the next set of corporate earnings.

July 28, 2024 / 14:02 IST
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Market Trend Next Week

The market recouped all its losses from the budget day and recorded a new closing high on July 26, ending the week with a percent gains and starting the August series on a healthy note. The recovery was driven by the positive global cues including better-than-expected US GDP numbers, and buying in most of sectors barring banking & financial services & realty, with decline in volatility after the market discounted the Union Budget that maintained fiscal prudence and populism but was hurt by the increase in long term capital gains and short term capital gains, and securities transaction taxes.

Going ahead in the coming week, the market is expected to remain positive along with consolidation and will take cues from the FOMC & Bank of England meetings, monthly auto sales numbers, and the next set of corporate earnings.

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The Nifty 50 rallied 304 points or 1.24 percent to 24,835, and the BSE Sensex jumped 728 points or 0.9 percent to 81,333, continuing uptrend for eighth consecutive week. The Nifty Midcap 100 and Smallcap 100 indices outperformed benchmark indices, rising 3.3 percent and 2.5 percent respectively.

"Moving forward, the direction of the domestic market will likely be influenced by the progress of the earnings season. Additionally, global economic updates, including US Fed & BoE monetary policies, US employment data, and Eurozone GDP figures, are expected to impact market trends," Vinod Nair, Head of Research at Geojit Financial Services said.