Market Outlook this week: In this week of less trading session, the direction of the stock market will be decided by the last quarter results of the companies, global trends and business activities of foreign investors. Experts have expressed this hope. There may be fluctuations in the market due to cautious attitude of investors during the election season. Markets will remain closed on Monday due to voting for the fifth phase of Lok Sabha elections in Mumbai.
Investors will keep an eye on them
This week, results for the quarter ending March 31, 2024 are to be released by ONGC, SAIL, BHEL, JK Tyre, One97 Communications, Power Grid, InterGlobe Aviation, ITC and NTPC. PMI manufacturing and service sector figures are to be released in India during the week. Apart from this, Britain’s inflation rate, America’s unemployment claims, S&P’s global service and global manufacturing figures are to come. Investors will keep an eye on the rupee-dollar trend and global crude oil prices.
Also read: Market cap of these 8 companies including LIC, Reliance Industries increased by Rs 1.47 lakh crore, Hindustan Unilever and TCS incurred loss.
What do experts say
Pravesh Gaur, Senior Technical Analyst, Swastika Investmart Limited said that the fourth quarter results season is about to end. Better results of companies can provide some relief to the market which is stuck in confusion. He told that Jerome Powell, head of the US Central Bank Federal Reserve, is to address on Monday. Due to which the direction of the market is likely to be affected. Apart from this, economic data from Japan and America and fluctuations in the global currency market will also be important factors to decide the direction of the market.
Arvinder Singh Nanda, Senior Vice President, Master Capital Services, said, “This week the market outlook will be determined by key domestic and global economic data. PMI manufacturing and service sector data in India is to come. Apart from this, Britain’s inflation rate, America’s unemployment claims, S&P’s global services and global manufacturing figures are to come. Also, on the domestic front, quarterly results of many big companies will be declared.
Prashant Tapse, senior vice president (research), Mehta Equities Limited, said, “Market volatility may increase in the next few weeks. Selective buying of shares of some big, medium and small companies will continue.
Vinod Nair, head of research, Geojit Financial Services, said, “Markets are likely to remain volatile in the near future amid uncertainties regarding election results and quarterly earnings.”
Last week, the 30-share BSE Sensex gained 1,341.47 points or 1.84 percent. At the same time, Nifty of National Stock Exchange rose by 446.8 points or 2 percent. The National Stock Exchange and BSE held a special trading session in the equity and equity derivatives segment on May 18 to examine their preparedness to deal with major disruptions on the primary site.
