The direction of the stock market will be decided by global trends and macroeconomic data this week.
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New Delhi. The direction of the stock markets this week will be decided by the trend of global markets, activities of foreign investors and macroeconomic data on the domestic front. Analysts have expressed this opinion. This week will be of less trading sessions. Last week, better-than-expected Gross Domestic Product (GDP) growth data led to a record rise in the market. Stock markets will remain closed on Friday on the occasion of ‘Mahashivratri’.
Santosh Meena, head of research at Swastika Investmart, said, “The market will keep an eye on key developments such as America’s services PMI data on March 5, America’s unemployment data on March 8.” He said that crude oil prices also went up. And this may affect the ‘mood’ of the market. However, right now the market is ignoring any bad news and the bullish momentum is continuing.” Talking about the domestic front, the Purchasing Managers Index (PMI) data for the services sector will come on Tuesday.
Master Capital Services Ltd. “This week, the market will react to global and domestic economic data, investment stance of FII/DII, crude oil reserves, movement of rupee against dollar and trend of global markets,” said Arvinder Singh Nanda, Senior Vice President, ICICI Bank. Last week, the 30-share BSE Sensex rose 663.35 points or 0.90 per cent. Whereas National Stock Exchange’s Nifty gained 165.7 points or 0.74 percent.
On Saturday, the Sensex closed at its all-time high of 73,806.15, up 60.80 points or 0.08 per cent. At one point during trading it touched its all-time record level of 73,994.70. Nifty closed at a record level of 22,378.40, up 39.65 points or 0.18 percent. During trading it had reached its all-time high of 22,419.55.
Major stock exchanges BSE and NSE held a special trading session in the equity and equity derivatives segment on Saturday to examine their preparedness to deal with major disruptions or failure at the primary site. Vinod Nair, head of research, Geojit Financial Services, said, “Inflation data from China along with additional data from the US such as PMI and payroll data will play an important role in guiding the market.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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