Benchmark equity indices are likely to extend their gains next week as investor optimism for the ongoing economic recovery strengthens on the back of the government's move to cut excise duty on retail fuel according to the market analysts.
The Nifty50 and BSE Sensex rose over 1 percent this week despite closing lower in two out of the four sessions. Analysts suggested that a major part of the recent correction for the market seems behind us as focus shifts to a sharp recovery in the economy in the October quarter.
The government on Wednesday cut excise duty on retail fuel, which analysts believe could reduce concerns over high inflation and provide impetus to the domestic consumer economy. The move is also likely to provide some relief to sectors like logistics where high fuel costs have eaten into margins.
Read more