- The increase in petrol prices as a result of strikes in Australia caused the world markets to slow down.
- The market was upbeat despite a weak monsoon since PSU stocks across sectors showed strong investor interest.
- For the first time in 19 months, the number of demat accounts added in August exceeded 3 million.
Data on US unemployment claims and an increase in petrol prices as a result of strikes in Australia caused the world markets to slow down. The home market, however, demonstrated resiliency by surging, appearing unaffected by global concern signals.
Improved order inflows and the continuing preference for mid-and small-cap stocks were the primary drivers of the increases in the infrastructure, industrial, and capital goods stocks.
Sensex and Nifty
The Bank Nifty and PSU & Infrastructure stocks provided strong support for benchmark indices, which helped them close off the week just a few percentage points below record highs ahead of the G20 Summit. The market was upbeat despite a weak monsoon since PSU stocks across sectors showed strong investor interest.
The benchmark STOXX 600 was headed for its eighth straight session of losses after early gains in European equities were erased on Friday as investors grew concerned about the direction of U.S. interest rates and the prognosis for the European economy.
Due to pressure from capital outflows and a widening yield differential with other major economies, especially the United States, the Chinese yuan concluded the domestic session at its lowest level since 2007.
For the first time in 19 months, the number of demat accounts added in August exceeded 3 million. This is in contrast to July when 2.98 million demat accounts were opened. For participants in the stock market, this ought to result in solid H1FY24 results.
After worries about rising U.S. interest rates and a faltering European economy, European markets nudged up on Friday as investors swooped up damaged luxury and technology sectors. After ending its longest losing streak since February 2018, the STOXX 600 index for all of Europe gained 0.3% on Thursday.
Within hours of going on the market, EMS Ltd.’s initial public offering (IPO) had received a total subscription of 1.24 times its initial price.
