Mumbai, July 5
The Indian equity markets closed lower for the week as investors turned cautious ahead of the crucial July 9 US-India trade deadline and the start of the corporate earnings season, experts said on Saturday.
Both benchmark indices -- the Sensex and the Nifty -- slipped 0.7 per cent each on a weekly basis, as broader market sentiment remained clouded by global uncertainty and profit booking after the recent rally.
The Nifty ended the week at 25,461, while the Sensex closed at 83,432.89. The indices had started the week with a strong breakout, but the momentum faded amid concerns over a possible delay in finalising trade agreements.
However, reports suggesting an interim deal between India and the US helped limit the downside in the latter half of the week.
According to Ajit Mishra of Religare Broking Limited, the pullback was largely driven by investors booking profits following recent gains.
“The cautious tone was evident with the looming trade deadline. However, optimism around a potential agreement between India and the US acted as a cushion,” he noted.
India’s fiscal health remained strong, supported by a robust Rs 2.69 lakh crore dividend transfer from the RBI, which helped contain the fiscal deficit at just 0.8 per cent of the annual target.
June GST collections also remained firm, rising 6.2 per cent year-on-year (YoY) to Rs 1.84 lakh crore.