Last updated: 30 Jul, 2021 | 02:08 pm
Nifty posted losses for the week as lacklustre Q1 earnings and weak global cues dampened sentiments.
The Nifty started off the week with modest losses on Monday, tracking weak Asian markets. China’s latest crackdowns on its technology and education sectors came as a major headwind for major markets. The index continued its decline on Tuesday, as below par results from Nifty 50 companies and weak global cues impacted sentiments. Global investors were cautious ahead of the two-day Fed Reserve meeting over Tuesday and Wednesday.
The index ended lower for the third consecutive day on Wednesday, after major agencies including IMF and S&P revised their FY22 GDP growth estimates lower. After three consecutive days of losses, Nifty made a smart 0.45% rebound on Thursday, as investors cheered Fed’s move of keeping the interest rates unchanged.
On the final day of the week, markets remained volatile and settled almost unchanged amid mixed cues. For the week, the Nifty ended 0.6% lower, logging its second consecutive weekly drop.
Top gainers and losers
Here is a quick recap of the market moving developments:
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