Deepak Jasani, the Head of Retail Research at HDFC Securities, remarked, “U.S. stocks concluded Tuesday on a positive note, primarily driven by the stellar performance of mega tech stocks. The data indicates that the economy remains resilient in the face of higher interest rates as we approach the conclusion of the second quarter and the first half of the year.”
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In an astonishing turn of events, the Indian stock indices, Sensex and Nifty, once again soared to unprecedented heights on Wednesday. At the time of compiling this report, the indices were observed to be more than 1 percent higher. The Sensex reached an astounding pinnacle of 63,601.71 points, while the Nifty triumphed at 18,887.60 points. It is worth noting that these stock indices had also scaled record highs the previous Wednesday.
The surge in the domestic stock market harmonizes with the global market rally and robust macroeconomic fundamentals within the country. The markets have been basking in the glow of robust GDP projections, controlled inflation rates, and robust investments from foreign entities. While inflation in the United States and India appears to be stabilizing, the sustainability of this trend remains uncertain.
Deepak Jasani, the Head of Retail Research at HDFC Securities, remarked, “U.S. stocks concluded Tuesday on a positive note, primarily driven by the stellar performance of mega tech stocks. The data indicates that the economy remains resilient in the face of higher interest rates as we approach the conclusion of the second quarter and the first half of the year.”
On the other hand, VK Vijayakumar, the Chief Investment Strategist at Geojit Financial Services, expressed concerns about the lofty market valuations in the near future. Vijayakumar advised investors to consider booking some profits amidst these record highs.
Interestingly, the Indian stock markets were initially scheduled to be closed today in observance of Bakri Eid (Id-Ul-Zuha), but a rescheduling decision has been made, and the markets will now be closed on Thursday. This adjustment is in line with the recent notification from the Maharashtra government. It is worth noting that the Indian stock markets will next remain closed on August 15 to commemorate Independence Day celebrations.
