Markets to take cues from macro data, global trends: Analysts | The Financial Express

Markets to take cues from macro data, global trends: Analysts

Other major factors that would influence trading are foreign fund movement and trend in the rupee against the US dollar.

Markets to take cues from macro data, global trends: Analysts
Other major factors that would influence trading are foreign fund movement and trend in the rupee against the US dollar.

Trading in the domestic equity market this week will be largely driven by a host of macroeconomic data announcements and global trends, analysts said.

Industrial production data for July and inflation rate for August are scheduled to be announced on Monday. Besides, wholesale price index (WPI) inflation data will be released on Wednesday.

“The direction of the market in the week ahead will be determined by cues from the global markets as well as important macroeconomic data points such as inflation, manufacturing and industrial production,” said Vinod Nair, Head of Research at Geojit Financial Services.

Also Read| MCX Crude oil September futures: Go long for expected target of Rs 7000/bbl; MCX prices may see correction

Other major factors that would influence trading are foreign fund movement and trend in the rupee against the US dollar.

“Global markets will keenly await the inflation numbers of the US. This data will be closely watched by international markets since it will affect how the Fed will proceed with future rate hikes,” said Apurva Sheth, Head of Market Perspectives, Samco Securities.

The volatility in oil prices and USD-INR trend will be important factors that may affect the market, said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities.

Last week, the Sensex advanced 989.81 points or 1.68 per cent, while the Nifty gained 293.90 points or 1.67 per cent.

“We maintain our bullish view on markets,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Also Read| Petrol and Diesel Price Today, 10 Sep 2022: Fuel prices unchanged; Check rates in Delhi, Mumbai, other cities

“As we’re seeing buying interest across the board, the focus should be more on the best-performing sectors viz banking, financials, auto and FMCG, and remain selective in the others,” Mishra added.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.