The direction of the stock market this week will be decided by global trends, major domestic and global economic data, investors will keep an eye on these

Market Outlook this week: The direction of the Indian stock market this week will be decided by key domestic and global economic data such as monthly vehicle sales data, global trends and activities of foreign investors. Due to the economic data coming this week, there may be some volatility in the market. Vehicle companies will release their monthly sales data. In such a situation, all eyes will be on the shares of vehicle companies. Analysts have expressed this opinion. They believe that after the record rise last week, there may be volatility in the market this week due to high valuations. Investors will also keep an eye on global oil benchmark Brent crude oil prices and rupee-dollar fluctuations for further signals.

Investors will keep an eye on these

On the global front, profit booking has been seen at high levels in the US market. US employment data will come on July 2. After this, ISM Services PMI data will be released on July 3. Also, the head of the US central bank Federal Reserve is scheduled to address on July 2. The details of the FOMC meeting will be released on July 3.

Expert opinion

Pravesh Gaur, Senior Technical Analyst at Swastika Investmart, said that there will likely be volatility in the stock market this week. High valuation remains a matter of concern. Investors will now keep an eye on the progress of monsoon and its impact on the rural economy. Everyone’s eyes are also on the general budget to be released in July. Development-oriented policies are expected in the market. He said that the activities of foreign and domestic institutional investors (FIIs and DIIs) and crude oil prices will also affect the direction of the market.

Arvinder Singh Nanda, Senior Vice President, Master Capital Services, said that the market trend will be decided by major domestic and global economic data. During this period, HSBC India manufacturing PMI, HSBC India service PMI, S&P Global manufacturing PMI, Federal Reserve chief’s address, US unemployment claims data are major developments for the market.

Motilal Oswal Financial Services Ltd. Senior Group Vice President-Head (Research, Broking and Distribution) Siddharth Khemka said that we hope that the market momentum will continue and stock-specific activities will be seen. However, there may be some volatility in the market due to the economic data coming during the week. Automobile companies will release their monthly sales figures. In such a situation, everyone will keep an eye on their shares.

Last week, the 30-share BSE Sensex gained 1,822.83 points or 2.36 per cent. The National Stock Exchange’s Nifty rose 509.5 points or 2.16 per cent. The Sensex has risen 7.14 per cent in June. This is its best monthly gain. On Thursday, the Sensex crossed the historic 79,000 mark.