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The financial results of companies, the attitude of foreign investors, and inflation figures will decide the direction of the stock market this week. Apart from this, the market will also keep an eye on the fluctuations in crude oil prices amid the ongoing global crisis. Analysts said this. Religare Broking Ltd. Senior Vice President (Research) Ajit Mishra said, “The direction of the market in the coming week will largely depend on the financial results of companies. During this time, major companies like Reliance Industries, Infosys, HDFC Bank, Axis Bank, and HCL Technologies are going to release their results. “
On the macroeconomic front, investors will keep an eye on the September CPI (Consumer Price Index-based inflation) and WPI (Wholesale Price Index-based) inflation data to be released on Monday. Investors will also keep a close eye on the ongoing global tensions, especially crude oil prices and the trend of foreign funds. Mishra said that key domestic economic data including CPI and WPI inflation is also going to be released this week.
3 IPOs will come this week
Last week, the BSE Sensex closed at 81,381.36, down 307.09 points or 0.37 percent. On the other hand, the NSE Nifty closed at 24,964.25, down 50.35 points or 0.20 percent. He said that due to the continuous selling pressure of foreign investors, the last week started with a decline, but the subsequent sessions helped limit the losses. Three initial public offerings (IPOs) will also open in the market this week. Two of these are from the SME segment. Hyundai Motor India’s IPO will open on Tuesday and close on Thursday. There is a plan to raise Rs 27,870 crore from this IPO.
FIIs became sellers
Vinod Nair, Head of Research, at Geojit Financial Services, said, “Foreign institutional investors (FIIs) are turning to Chinese markets due to stimulus measures and low valuations. RBI’s policy remained neutral, as the change in stance does not indicate the possibility of rate cuts shortly.” Foreign investors became net sellers in October and have sold Rs 58,711 crore so far this month. The escalating conflict between Israel and Iran, a sharp jump in crude oil prices, and the strong performance of the Chinese market led to FII selling in the Indian markets. Nair said that due to this trend, the stock market is expected to be affected in the short term. Siddharth Khemka, Head of Research, Motilal Oswal Financial Services Ltd, said that India, China, and Britain will release their inflation data this week. He said that apart from this, international factors like the European Central Bank (ECB) interest rate decision, China’s GDP, and US retail sales can also affect the market.
