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Macroeconomic data, global trends and activities of foreign portfolio investors (FPIs) will determine the direction of the stock market this week. Analysts have expressed this opinion. Despite several negative factors globally, the broader market was bullish last week. Meanwhile, BSE Midcap and Smallcap hit their all-time highs on Friday.
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Santosh Meena, Head of Research, Swastik Investmart said, “Despite the market rally last week, institutional investors remained net sellers throughout the week. In such a situation, the flow of institutional investors will be important in the future. He said that at the global level, everyone’s attention will be on the fluctuations in crude oil prices, dollar index and bond yields in America.
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Meena said inflation and the outcome of the ECB meeting will also be important from the market’s point of view. Inflation data based on Industrial Production (IIP) and Consumer Price Index (CPI) is due on September 12. Domestically, the IIP for July and the August inflation figures will be released on Tuesday.
On the macro front, the market will react to some key domestic developments such as consumer and wholesale price index-based inflation, IIP and manufacturing output data. Master Capital Services Ltd. Senior Vice President Arvinder Singh Nanda said, “Key global developments that will impact the market this week include US inflation and unemployment claims data, industrial production, crude oil inventories and UK Gross Domestic Product (GDP) and IIP. The figures include is..
Vinod Nair, head of research at Geojit Financial Services, said the market is now keenly awaiting inflation and industrial production data for further direction. Last week, the 30-share BSE Sensex gained 878.4 points or 1.34 percent. At the same time, the National Stock Exchange’s Nifty gained 384.65 points or 1.97 percent. Prashant Tapase, senior vice-president (research) at Mehta Equities Ltd, said the market continued to rise for the sixth straight session despite weak global cues as investors remain optimistic about India’s strong growth prospects.