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A bunch of home, world tendencies and buying and selling exercise of international buyers would be the main driving components for market this week
Stock Market Update Next Week
A bunch of macroeconomic information bulletins, the final batch of September quarter earnings, world tendencies, and buying and selling exercise of international buyers would be the main driving components for the fairness market this week, in accordance with analysts.
“India is ready to launch CPI and IIP information on November 12, with WPI information anticipated on November 14. Globally, the US inflation report on November 13 will likely be vital, as it might affect the Federal Reserve’s upcoming coverage stance,” Santosh Meena, Head of Research, Swastika Investmart Ltd, said.
With major global events and Q2 earnings (of blue-chip companies) behind, the market focus will shift to key macroeconomic data and the last round of results, Meena said.
Bank of India, BEML, Hindalco Industries, ONGC, Apollo Tyres, and Brainbees Solutions — the parent firm of online e-commerce platform FirstCry — among others will announce their quarterly earnings this week.
“The performance of US bond yields and the dollar index will be pivotal for emerging markets like India, as both have surged since the US election outcome. Given this backdrop, FIIs (Foreign Institutional Investors) activity will remain a crucial driver for the Indian equity market in the near term,” Meena added.
Movement in world oil benchmark Brent crude and the rupee-dollar pattern would additionally information markets this week, analysts stated.
“The outlook for the market will likely be guided by the most important home and world financial information similar to India’s CPI, industrial manufacturing, manufacturing output, WPI inflation, US CPI, core CPI, preliminary jobless claims, UK GDP and China industrial manufacturing information,” Palka Arora Chopra, Director of Master Capital Services Ltd, said.
Last week, the BSE benchmark declined 237.8 points, or 0.29 per cent, and the Nifty went lower by 156.15 points, or 0.64 per cent.
“The weakness in the Indian market can be attributed largely to the relentless selling by FIIs which continue this month, too,” V Okay Vijayakumar, Chief Investment Strategist, Geojit Financial Services, stated.
Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd, stated, “Markets are anticipated to stay sideways on the again of combined world components and subdued quarterly outcomes. However, there might be stock-specific motion on account of the final leg of Q2 earnings to be introduced this week.”
FPI Trend
The exodus of foreign investments from Indian equity markets continued unabated, with FPIs pulling out nearly Rs 20,000 crore in the last five trading sessions on higher valuations of domestic stocks and shifting their allocation to China.
As a result, foreign portfolio investors (FPIs) have turned net sellers in the equity market, with total outflows reaching Rs 13,401 crore for 2024 so far.
MCap Erodes
The combined market valuation of six of the top 10 most-valued firms eroded Rs 1,55,721.12 crore last week.
Stock Market Holiday On November 15
Equity markets will remain closed on Friday for Guru Nanak Jayanti.
(With PTI inputs)
