Share Market: This week there will be action in the market, direction will be decided by global trends, know what experts say
Share Market This Week: Last week there was a period of ups and downs in the Indian stock market. Meanwhile, the 30-share BSE Sensex jumped nearly 800 points. Along with this, a rise was also seen in Nifty. Amidst the changing global economic scenario, investors’ eyes are fixed on the Indian market. Market analysts say that in the absence of any major developments at the domestic level this week, the stock markets will be largely determined by global trends. Business activities of foreign investors, global crude oil prices and the position of the rupee against the US dollar will also affect the movement of domestic stock markets. Santosh Meena, Head of Research, Swastika Investmart Limited, said that in the absence of clear global cues, the market sentiment will probably depend on US bond yields, dollar index and crude oil prices as well as institutional investments in anticipation of strength. He said that the stability of the market may be affected till the assembly elections of five states are over and by that time a clear trend of the market may emerge.
Capital withdrawal in FPI
Since August, foreign portfolio investors (FPI) are withdrawing capital from Indian markets on a large scale. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, says that from August to November 15, FPIs have made a total net sale of shares worth Rs 83,422 crore. However, during this period, domestic institutional investors (DIIs) purchased shares worth Rs 77,995 crore. Buying by individual investors along with DIIs completely neutralized the selling by FPIs. Vijayakumar said that it is due to the buying by DII and individual investors that the National Stock Exchange (NSE) index Nifty is once again present around 19,700 where it was in the beginning of August. Arvinder Singh Nanda, Senior Vice President, Master Capital Services Ltd, said the market will focus on global and domestic macro-economic data, US bond yields, crude oil storages, investment trends of FIIs and DIIs and movement of rupee against dollar.
Nifty jumped 1.57 percent
Last week, BSE’s benchmark index Sensex rose by 890.05 points or 1.37 percent, while Nifty rose by 306.45 points or 1.57 percent. Last week, except banking, all major sectors participated in this rally and registered strong profits. The broad indices continued their rise and the midcap index also achieved its record high after two months. Ajit Mishra, Senior Vice President (Technical Research), Religare Broking Limited, said that global cues are largely dictating the trend and we expect this trend to continue in the coming weeks.
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