General Budget 2023-24, Federal Reserve’s decision on interest rates will decide the direction of stock market
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Santosh Meena, head of research, Swastika Investmart Ltd, said, “The most important developments are the general budget to be presented on February 1 and the US central bank meeting on the same day. While many companies will announce the earnings figures for the third quarter of the current financial year, the monthly vehicle sales figures will also come during the week.
The direction of the stock markets will be decided this week by the General Budget 2023-24 and the decision on interest rates by the US Central Bank Federal Reserve. Analysts have expressed this opinion. Analysts say the current quarterly results season, global market trends, domestic macroeconomic data and monthly vehicle sales figures will also influence the market direction.
Santosh Meena, head of research, Swastika Investmart Ltd, said, “The most important developments are the general budget to be presented on February 1 and the US central bank meeting on the same day. While many companies will announce the earnings figures for the third quarter of the current financial year, the monthly sales figures of vehicles will also come during the week.
The flow of foreign institutional investors (FPIs) will also be important for the direction of the market. ” Shares of the group have come down sharply after investment research firm Hindenburg Research made serious allegations on the Adani group last week. On the macroeconomic front, the Purchasing Managers’ Index (PMI) data for the manufacturing and services sectors will come on Wednesday and Friday, respectively.
Apoorva Seth, Head of Market Perspective and Research, SAMCO Securities said, “This week will be very important due to the presentation of the Union Budget on February 1st. The speed of the stock market is also affected by the quarterly earnings of the companies. The FOMC meeting will be closely watched by investors across the world.” Activities of foreign investors, who have withdrawn Rs 17,000 crore so far this month, will also determine the market trend.
Ajit Mishra, Vice President, Technical Research, Religare Broking Ltd. said, “This week is going to be very important not only for the financial markets but also for the economy because of the Union Budget. Apart from this, investors will keep an eye on the results of the US Central Bank meeting. Quarterly results of many major companies like Larsen & Toubro, ACC, Sun Pharma, HDFC, ITC and SBI will come during the week. Last week, the 30-share BSE Sensex lost 1,290.87 points or 2.12 per cent.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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