GDP and vehicle sales figures will affect the market

Mumbai (Uttam Hindu News): The domestic stock market fell more than two and a half percent last week due to the possibility of further increase in the interest rate of the world’s central banks, along with the global trend next week, as well as the GDP of the third quarter of the current financial year at the local level. Product (GDP) and the release of vehicle sales figures for February will have an impact.

BSE’s 30-share sensitive index Sensex plunged 1538.64 points, or 2.52 percent, to settle below the psychological level of 60 thousand points at 59463.93 points on the weekend. Similarly, the Nifty of the National Stock Exchange (NSE) was at 17465.80 points with a major decline of 478.4 points, ie 2.7 percent.

In the week under review, like the heavyweights of BSE, there was heavy selling in medium and small companies. Due to this, the midcap fell 506.47 points, or 2.1 percent, to 24178.73 points and the smallcap fell 461.81 points, or 1.65 percent, to 27584.59 points on the weekend.

According to market analysts, Sensex and Nifty ended the week falling for the sixth consecutive day, down over 2.5 per cent over the weekend. Markets were already struggling to move higher and now selling in global markets due to jump in US bond yields remained a deterrent for Sensex-Nifty.

The domestic equity market will watch the movement of US bond yields and dollar index as well as the direction of global markets in the near term as the interest rate scenario in the US in the first half of 2023 will continue to be a major factor. Currently the market is not reacting much to the geopolitical situation.

Locally, next week on February 28, the GDP figures for the third quarter of the financial year 2022-23 are going to be released, which will have a clear impact on the market. Along with this, the vehicle sales figures for February are also going to come next week. It will also play an important role in giving direction to the market. With the US Fed Reserve likely to hike interest rates once again and the announcement of the US-South Korea military truce, investors worried about North Korea’s missile firing HDFC, Maruti, The Sensex fell 311.03 points to 60691.54 and the Nifty fell 99.60 points to 17844.60 on Monday due to selling in heavyweights like SBI, Reliance, ICICI and NTPC. The Sensex slipped 18.82 points to 60672.72 and the Nifty fell 17.90 points to 17826.70 on Tuesday due to selling in fourteen groups including commodities, energy, IT, oil and gas, realty and tech at the local level due to the effect of the fall in the global market.

The Sensex plunged 927.74 points to hit a three-week low of 59,744.98 and the Nifty 272.40 on Wednesday, discouraged by all-round selling by discouraged investors as the global market plunged to a near one-month low on fears of further rate hikes by the world’s central banks. The number fell to 17554.30 points.

The Sensex fell 139.18 points to 59605.80 and the Nifty 43.05 points on Thursday due to selling in 14 groups, including utilities, power, realty, capital goods and consumer durables, due to a weak trend in the global market as well as local futures settlement for the month of February. 17511.25 came to the mark. Similarly, on Friday, the Sensex fell by 141.87 points to 59463.93 points due to selling in fifteen groups including metals, commodities and autos at the local level amid mixed trend in the global market due to the possibility of further increase in interest rates by the world’s central banks. The Nifty slipped 45.45 points to end at 17465.80.