Macro data, global trends to guide markets this week: Analysts
PTI, Nov 27, 2022, 12:52 PM IST
Representative Image (Source: Pexels)
New Delhi: Trading activity in the equity market this week will depend on macroeconomic data announcements, monthly auto sales numbers, and global trends, analysts said.
Bulls dominated Dalal Street last week, supported by favourable triggers like buying by Foreign Institutional Investors (FII) and a drop in crude prices.
Last week, the 30-share BSE benchmark Sensex rallied 630.16 points or 1 percent. On Friday, the Sensex settled at 62,293.64 — its record closing high. The NSE Nifty too ended at its lifetime peak of 18,512.75.
“This week, our Q2 GDP numbers and monthly auto sales numbers will be key domestic factors. On the global front, the market will keep an eye on data from the US and any further movement of the dollar index and US bond yields. Apart from this, news flow from China will continue to cause some volatility,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Ajit Mishra, VP – Technical Research, Religare Broking Ltd, said this week participants will be focusing on key macroeconomic data — GDP numbers and manufacturing PMI — for cues.
“Besides, with the beginning of the new month, auto sales will also start pouring in from December 1. Apart from the domestic data set, performance of the global indices especially the US will remain on the radar,” Mishra added.
GDP data for the second quarter is scheduled to be announced on Wednesday, while Purchasing Managers’ Index (PMI) data for the manufacturing sector will be released on Thursday.
“The Fed Chair’s speech, which is scheduled for this week, and the release of other significant macroeconomic data will influence the market’s future trajectory,” said Vinod Nair, Head of Research at Geojit Financial Services.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Pune court asks police to probe bribery allegations against IT major Cognizant
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
MUST WATCH
Latest Additions
With impact player, it is getting difficult each and every day: Pant
Congress in K’taka to stage protest on Apr 28 against ‘paltry’ drought relief given by Centre
McGurk, Stubbs rock as DC beat MI by 10 runs
‘Shaurya Smarak’ of three fallen Army officers unveiled in Jammu
BJP drops Poonam Mahajan, picks 26/11 prosecutor Ujjwal Nikam from Mumbai North Central seat