Buy or sell stocks: The domestic benchmark indices, the Sensex and Nifty 50, finished at new highs on Friday, wiping election-related losses and indicating to greater economic growth.
The NSE Nifty 50 closed up 2.05% at 23,290.15 points, while the S&P BSE Sensex rose 2.16% to 76,693.36.
The Nifty 50 gained 3.4% this week, while the Sensex climbed 3.7%, recouping all losses from Tuesday, when Narendra Modi’s alliance won the general elections by a surprisingly narrow margin.
Meanwhile, the Reserve Bank of India raised its GDP growth forecast for the current fiscal year to 7.2% from 7% on Friday while keeping the benchmark borrowing rate unchanged, as predicted.
Also Read: Sensex, Nifty 50 settle at fresh closing highs; 5 key factors that drove the market today
According to Reuters, the US economy added much more jobs than projected in May, and annual wage growth increased, highlighting the labor market’s durability and diminishing the chance that the Federal Reserve will be able to begin rate decreases in September.
The Labor Department’s widely watched employment data on Friday also revealed the unemployment rate increased to 4.0% from 3.9% in April, a significant barrier below which the jobless rate had previously maintained for 27 months.
“In the coming week key areas to watch include the US Fed interest rate decision, the rupee’s movement against…
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