Market Outlook this week :The Reserve Bank of India’s interest rate decisions, macroeconomic data and the trend of global markets will determine the direction of the stock markets this week. Analysts have expressed this opinion. Analysts said that apart from this, the activities of foreign investors and the first quarter results of companies will be important for the direction of the market. The HSBC PMI (Purchasing Managers Index) data of the service sector will be announced on Monday.
On the domestic front, the RBI’s monetary policy meeting on August 8 will be important this week. During the week, big companies like Bharti Airtel, BEML, ONGC, NHPC, Life Insurance Corporation of India and MRF will announce their quarterly results. Analysts said that market participants will also keep an eye on the fluctuations in crude oil prices globally and the trend of rupee against the dollar.
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Expert opinion
Santosh Meena, Research Head, Swastika Investmart said that this week all eyes will be on the global markets. After a long period of stability, now some signs of weakness have started appearing in the market. This will test the strength of the Indian market, which is still aggressive due to better liquidity conditions. He said that from the last round of first quarter results, some stock specific activities can be seen in the market. Apart from this, institutional flow will also be important for the direction of the market.
Vinod Nair, Research Head, Geojit Financial Services, said that going forward, there may be some weakness in the market due to high valuations. This week’s RBI monetary review meeting will give some indication on the interest rate scenario. For now, the central bank may maintain the status quo on interest rates.
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Last week, amid selling pressure, the 30-share BSE Sensex closed 885.60 points or 1.08 per cent lower at 80,981.95 on Friday. The National Stock Exchange’s Nifty slipped 293.20 points or 1.17 per cent to close at 24,717.70.
