The quarterly results of companies and the inflation data will be closely monitored

Mumbai (Best Hindu News): Despite slipping from a record high on the last day of the last week amid weak global trends, the domestic stock market was up more than half a percent, with the international developments next week as well as the coming results of the first quarter of the companies at the local level. The result and June’s retail and wholesale inflation data will be closely watched. Last week, the BSE’s 30-share sensitive index Sensex gained 561.89 points, or 0.87 percent, to 65280.45 points on the weekend and the National Stock Exchange (NSE) Nifty jumped 142.75 points, or 0.74 percent, to 19331.80 points.

In the week under review, like BSE’s leading companies, there was a strong buying force in medium and small companies. On this weekend, Midcap gained 222.82 points to 28999.02 points and Smallcap gained 527.27 points to reach 33129.44 points.
According to analysts, the domestic stock market touched a record high last week on aggressive buying by foreign institutional investors (FIIs). However, there was profit-booking over the weekend on weak global cues, especially a rise in US bond yields. Global markets are closely tracking the US 10-year bond yield, which has breached the psychological level of 4 per cent. This bullishness suggests that the US Federal Reserve may hike interest rates further in the near future. This could lead to a moderation in FII inflows, potentially leading to a market consolidation or correction.

Next week, the results of the first quarter of the current financial year of big companies like HCL Tech, TCS and Wipro are going to come. Apart from this, the retail price index (CPI) and wholesale price index based inflation and industrial production index (IIP) data for June are going to be released next week and the market will react to it. The market will also closely monitor the movement of US economic indicators and crude oil prices.