Shillong, September 8: Nifty achieved its best week in two months, rising for six consecutive sessions, as noted by Deepak Jasani, Head of Retail Research at HDFC Securities.
Meanwhile, volumes on the NSE surged above recent averages, with the midcap index outperforming the Nifty, maintaining a high advance-decline ratio of 1.15:1.
As per IANS, global stock markets faced a Friday dip, characterized by a decline in tech shares due to escalating Sino-US tensions, concerns about slowing global growth, and uncertainties surrounding US monetary policy.
The offshore Chinese yuan weakened significantly against the US dollar, reaching its lowest level since its inception in 2010, trading at 7.3599 yuan per dollar this morning.
Following a Friday review, the Reserve Bank of India (RBI) decided to gradually roll back the incremental cash reserve ratio (I-CRR). RBI plans to release 25% of the I-CRR on September 9, another 25% on September 23, and the remaining 50% on October 7.
Rupak De, Senior Technical Analyst at LKP Securities, observed that Nifty displayed strength, primarily driven by robust demand for large-cap stocks. The overall trend remained strong, with the index consistently staying above a critical moving average. However, a notable challenge for the Nifty was the substantial Call writing at the 19,900 strike price.