The Indian market created history in Samvat 2079 by hitting milestone after milestone. The Nifty touched 20,000 on 11th September 2023 and the BSE Sensex surpassed 67,900 that day, both gaining almost 10 percent during Samvat 2079.
Analysts said that the August series trend will be dictated by corporate earnings and the monsoon session of the Parliament. But unless the financials start gaining, the index will struggle to go beyond 16,000-16,100.
They see the index moving in a range of 15,400-16,000 in the immediate term, with the metal index possibly gaining 8-10% more after breaking out of a 13-year price range.
Nifty and Sensex ended the July series with a 0.1% loss. The Nifty Real Estate index gained 15% and Metal index gained 14%. The Auto index was the worst performer with a loss of 6%. Bank Nifty fell 0.4% during July series.