Sensex, Nifty Surge on Strong Global Cues; Gold Prices Touch 2-Week High

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Sensex, Nifty Surge on Strong Global Cues; Gold Prices Touch 2-Week High

The Indian stock market closed on a strong note on July 5, 2023, with the Sensex and Nifty indices rising by more than 1% each. The Sensex closed at 65,479.05, up 274.00 points, or 0.42%, while the Nifty closed at 19,389.00, up 66.45 points, or 0.34%.

The gains were broad-based, with all 15 sectoral indices ending in the green. The gains were led by the IT, banking and energy sectors.

The strong gains in the Indian stock market were in line with the gains in global markets. The US stock market closed higher on July 4, 2023, with the Dow Jones Industrial Average rising by 1.12%, the S&P 500 rising by 1.50% and the Nasdaq Composite rising by 2.25%.

The gains in the global stock markets were driven by positive economic data and expectations of further monetary easing by central banks.

Meanwhile, gold prices in India rose to a two-week high on July 5, 2023, on the back of a weak rupee and rising global prices. The MCX gold futures contract for August delivery closed at ₹58,462 per 10 grams, up ₹185, or 0.32%.

The rupee weakened to 79.02 against the US dollar on July 5, 2023, making gold imports more expensive. However, rising global prices also supported the upside in gold prices in India.

The strong gains in the Indian stock market and gold prices are positive for investors. However, it is important to note that the markets remain volatile and investors should adopt a cautious approach.

Stock Market Today: Sensex, Nifty rise on positive global cues; mid,  smallcaps hit fresh 52-week highs | Mint

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