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The Indian stock market experienced a surge on Friday, with the benchmark NSE Nifty 50 and S&P BSE Sensex hitting new record highs. This bullish trend was fueled by strong performances in financial and IT sectors, a positive development that was further bolstered by encouraging US economic data which alleviated concerns about growth. The Nifty 50 closed the day at 25,235.9, reflecting a 0.33% gain, while the Sensex climbed 0.28% to reach 82,365.7. This marked the third consecutive weekly and monthly gain for both indices, showcasing a consistent upward trajectory.
The positive momentum in the Indian market mirrors the sentiment witnessed in the US and European markets. The Nasdaq and S&P 500 concluded Friday's trading session on a high note, with Tesla and Amazon leading the climb. The surge was attributed to fresh US economic data that suggested a modest interest rate cut by the Federal Reserve in September. Consumer spending in July demonstrated robust economic strength, while price increases remained moderate. This positive economic outlook boosted investor confidence, driving the S&P 500 up by 1.00% to 5,647.60 points, the Nasdaq Composite up by 1.11% to 17,710.73, and the Dow Jones Industrial Average up by 0.52% to 41,549.91.
European markets also experienced a strong showing, with the pan-European STOXX 600 index reaching an all-time high on Friday. This positive performance capped off a month marked by volatility, with the index closing above 525 points for the first time, surpassing its previous intraday high of 526.66 points. August saw a 1.2% increase in the index, marking the second consecutive month of growth. This bullish sentiment was fueled by a significant drop in eurozone inflation, solidifying market expectations for a reduction in interest rates in September. Spain's IBEX 35 saw a 0.4% gain after retail sales data revealed a 1% uptick in July, while Germany's DAX closed flat despite data indicating a less-than-expected rise in unemployment.
Source: Ahead of Market: 10 things that will decide D-Street action on Monday