Green Streak Continues on D-Street Ahead of US Fed Minutes: Key Catalysts

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Green Streak Continues on D-Street Ahead of US Fed Minutes: Key Catalysts
Credit: © Reuters.

By Malvika Gurung -- The domestic market extended its green streak, closing higher on Wednesday, as benchmark indices Nifty50 posted gains for the seventh consecutive session and the 30-scrip Sensex settled higher for the fourth session in the day, while surpassing the key 60,000 mark for the first time since April 5.

An uptick in financial, banking and auto stocks, among others, provided support to the market, while softening US and domestic inflation prints along with positive corporate earnings are instilling optimism on Dalal Street. Nifty Bank rose 0.57%.

The return of foreign institutional investors, commentary on impending capex, softening commodity prices, cooling oil prices, credit growth in mid-teens for the banking sector, and a decent monsoon are some catalysts moving the markets higher, stated Devang Mehta of Centrum Wealth.

Read Also: Exclusive: ‘A Case of History Repeating Itself’, Experts on Sensex Hitting 60,000 & Outlook

All eyes are set on the US Fed’s minutes of the July meeting , out later today, which will indicate the central bank’s guidance on future interest rate hikes to control inflation.

Back home, the benchmark equity indices recorded their longest winning run of 2022 on Wednesday, as they ended the session up 0.7% higher.

"Consistent participation by FIIs is the backbone of the current rally in the domestic market. This reversal in the FII trend is owed to the resilience showcased by the Indian economy even as inflation continues to plague the western markets," stated Vinod Nair of Geojit Financial Services.

Read Also: Nifty FMCG Hits New Lifetime High, Momentum Likely to Continue & Key Stocks

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