Weekly Market Overview As Investors Prepare for New Week

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Weekly Market Overview As Investors Prepare for New Week
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Indian equity benchmark indices ended higher on Friday, snapping a three-day losing streak, led by an upsurge in IT, banking and pharmaceutical players.

However, the domestic market continued to witness overall losses for the second week in a row last week, led by weak global cues. Headline indices Nifty50 and Sensex declined 0.66% each in the August 6-ended week.

On Friday, the gauge of the top 50 Indian companies closed 0.7% higher at 19,517 levels, and the 30-scrip index surged 480.57 points or 0.74%.

The sectoral index Nifty IT drove Dalal Street higher in the previous session, jumping 2% in the intraday trade and ending 1.55% higher at 30,436.1 levels, followed by Nifty Private Bank and Nifty Pharma .

In a note sent to Investing.com, Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said that the past week began on a positive note, with hopes of an end to the policy tightening era due to cooling inflation worldwide. 

However, negative news about the US rating downgrade, weak factory activity data from the Eurozone and China, and prolonged FII selling triggered by rising US bond yields caused widespread worries across the globe. 

Also, increased concerns over the US economy forced investors to flee in search of safe haven investments, leading to a surge in the dollar index , the market expert added.

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