Market Outlook this week:Macroeconomic data like inflation rate, global trends and trading activities of foreign investors (FPI) will decide the direction of the stock market this week. Analysts have expressed this opinion. Talking about macroeconomic data, data related to industrial production for July and inflation rate for August are to be released on Thursday this week.
Last week, the BSE Sensex fell 1,181.84 points, or 1.43 per cent, while the NSE Nifty dropped 383.75 points, or 1.52 per cent. The local stock market declined for the third consecutive day on Friday, with the 30-share BSE Sensex falling 1,017.23 points, or 1.24 per cent, to close at 81,183.93. The NSE Nifty fell 292.95 points, or 1.17 per cent, to close at 24,852.15.
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What do experts say
Kotak Securities’ equity research head Srikant Chauhan said that crude oil prices have seen a correction in the last few days and Brent crude is now close to US$ 73 per barrel. In India, investors will wait for the release of other macroeconomic data including the Consumer Price Index based inflation rate this week. Globally, investors remain optimistic about the US Federal Reserve’s policy rate cut. They will be eyeing the US Federal Reserve meeting to be held this month.
Motilal Oswal Financial Services Ltd. Head of Research, Asset Management Siddharth Khemka believes that the market will remain in a limited range in the near future. Investors will also keep an eye on the movements of global oil benchmark Brent crude and the rupee-dollar trend.
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Vinod Nair, Head of Research, Geojit Financial Services, said that this week investors will also keep an eye on US inflation rate data.
