The direction of the stock market will be decided by the global trend this week.
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New Delhi: The third quarter results season of domestic companies is nearing its end. In such a situation, the direction of the stock markets this week will largely depend on the foreign indicators and the flow of foreign portfolio investors (FPIs). Analysts have expressed this opinion. Analysts said the market would also remain volatile this week due to settlement of derivatives contracts. Santosh Meena, Head of Research, Swastika Investmart said, “The market may remain volatile this week due to global trend and settlement in futures and options segment. However, FPIs have shown buying interest in the last few days.
There was some buying in bulk last week. In such a situation, their stance will be important from the market point of view. ”FPIs were net buyers last week and they bought shares worth Rs 7,600 crore during the week. During the last week (February 7 to 12), he had sold shares worth Rs 3,920 crore. During the week, market participants will also keep an eye on Brent crude prices and rupee movement. Ajit Mishra, vice-president (technical research), Religare Bronking, said, “All key developments are behind us. In such a situation, all eyes will be on the performance of the global market, especially the US market, for future indicators.
Apart from this, the movement of crude oil prices and the movement of the rupee will also give direction to the market. Last week, the 30-share BSE Sensex gained 319.87 points or 0.52 percent. The market sentiment remained positive in the past week on the back of FPI buying amid the release of key macroeconomic data. Vinod Nair, Head of Research, Geojit Financial Services, said, “However, higher than expected inflation and strong US job market data pulled the market down at the end of last week.” This has increased concerns about further tightening of the monetary stance. ”Nair said that in the absence of any major developments in the domestic market, the movement of the market this week will be determined by the global trend.
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