Market Outlook this week:Global trends, macroeconomic data and trading activities of foreign investors will determine the direction of the stock market this week. Analysts have expressed this opinion. Apart from this, fluctuations in the rupee against the global oil standard Brent crude and the US dollar will also give direction to the market. Vehicle sales are coming today. In such a situation, this week investors will keep an eye on the shares of major automobile companies.
The primary reason behind the rise in the domestic market is the growing expectation of a reduction in the policy rate in the US and the buying by domestic investors. The shares of these companies will be watched amid the announcement of vehicle sales figures.
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What do experts say
Santosh Meena, Research Head, Swastik Investmart said that the next meeting of the Federal Open Market Committee (FOMC) is to be held in mid-September. But before that the market will be eyeing the US economic data. Manufacturing PMI, non-agricultural employment and unemployment figures are to come this week. All these can significantly affect the market trend. He said that institutional capital flow will also play an important role in giving direction to the market.
Siddharth Khemka, Head of Research, Asset Management, Motilal Oswal Financial Services, said that we expect the market to continue to rise with stock-centric moves. The domestic market will continue to get signals from the global macroeconomic data released during the week. Last week, the BSE Sensex jumped 1,279.56 points or 1.57 percent. At the same time, the NSE Nifty rose 412.75 points or 1.66 percent. In the last 9 days, the BSE Sensex rose 1,941.09 points or 2.41 percent. While in 12 trading sessions, the Nifty rose 1,096.9 points or 4.54 percent.
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Prashant Tapase, Senior VP (Research), Mehta Equities Limited, said that the standard indices reached new highs due to widespread buying support. After the indications given in the Jackson Hole meeting last week, the expectation of the US Federal Reserve’s policy rate cut next month has made investors more confident. However, a cautious approach can be adopted and profit booking can be seen. The reason for this is that the market has been rising for the last 12 trading sessions. The 30-share BSE Sensex rose 231.16 points or 0.28 per cent to a record high of 82,365.77 on Friday. The NSE Nifty has also been in good growth since its launch in 1996. It rose 83.95 points or 0.33 per cent to a new peak of 25,235.90. With this, it remained bullish for the 12th consecutive trading session.
