Last updated: 12 Jun, 2021 | 06:15 am
The markets saw another interesting week, with factors such as declining Covid-19 cases across the country, momentum in vaccination drive, favorable global cues such as declining treasury yields boosting investor sentiments.
The Nifty started off the week with good gains on Monday as investors were upbeat due to declining new Covid-19 cases (lowest in 2 months). Over the next two days, the index declined due to negative global cues, and profit booking.
On Tuesday, the World Bank cut India's FY22 growth forecast from 10.3% to 8.3% citing the impact of the second wave of Covid. The sentiments were also impacted due to a fall in global stocks ahead of important inflation data in the US.
Positive global cues and the progress in vaccination drive drove the index to new highs in the last two days of the week. Record-high stocks in the U.S and falling Treasury yields is leading investors to look for more risk and potentially better returns in emerging markets such as India. The Nifty ended the week with gains of over 1%.
Top gainers and losers
Here is a quick recap of the market moving developments:
Gold prices fall
Gold prices moved lower amid gains in equities. Moderation in cases have reduced appeal for the safe-haven asset class of late.
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