Quarterly report cards of domestic companies, global trends and activities of foreign investors will determine the direction of the stock market this week. Analysts have expressed this opinion. Apart from this, investors will also keep an eye on crude oil prices globally and the movement of the rupee against the dollar.
“On the domestic front, the second quarter results of companies will be very important from a market perspective. If foreign institutional investors (FIIs) remain net buyers, this could provide further support to the market rally,” said Santosh Meena, head of research at Swastik Investmart. Although concerns remain, it has no impact on the overall market trend,” Meena said. It has had a limited impact. Global markets engagement will be important to maintain this positive sentiment.
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On the macroeconomic front, the Industrial Production (IIP) data will be released after the market closes on Friday. Arvinder Singh Nanda, Senior Vice President, Master Capital Services said, “Macroeconomic development on global and domestic fronts, trend of domestic institutional investors (DIIs) along with FIIs, crude oil reserves, movement of rupee against dollar, US bond yields, Israel-Hamas. Conflict and second quarter results will play an important role in determining market direction this week.
Nanda said that in the coming days some major companies like HPCL, NHPC, IRCTC, Power Grid, Tata Power, Ashok Leyland, Coal India, Hindalco, LIC, Mahindra & Mahindra and Tata Chemicals will declare their quarterly results. The 30-share BSE Sensex gained 580.98 points or 0.91 percent last week. There itself National Stock Exchange No Nifty An increase of 183.35 points or 0.96 percent was recorded.
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The Sensex closed up 282.88 points or 0.44 percent at 64,363.78 on Friday. The Nifty gained 97.35 points or 0.51 percent to 19,230.60. Vinod Nair, Head of Research, Geojit Financial Services said, “Strong global indices, stable macroeconomic data and good results from domestic companies have strengthened the market. Apart from this, the Federal Reserve’s indication of no further hike in interest rates and the decline in crude oil prices have also boosted investor confidence.