With no major events lined up for this week, stock market would take cues from progress of monsoons and the country's GST preparedness ahead of the July 1 rollout of the new indirect tax regime, say experts.
With no major events lined up for this week, stock market would take cues from progress of monsoons and the country’s GST preparedness ahead of the July 1 rollout of the new indirect tax regime, say experts. “We are unlikely to see much volatility in the market this week. However, GST implementation date is approaching fast so indices are likely to take trigger from the GST development. “Further, progress in monsoon in other parts of India must be the watching point on the indices. Hence, we expect range-bound trade for indices on account of lack of trigger this week,” Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments said.
Both the key indices registered their second straight weekly fall by losing 205.66 points, or 0.65 per cent, and 80.20 points, or 0.82 per cent, respectively. “With no major new trigger this week, markets will continue to remain very stock-specific now and it will continue to trade in a tight range until there is a trigger,” Vijay Singhania, Founder-Director, Trade Smart Online said. “Ongoing progress on implementation of Goods and Services Tax (GST) and monsoon will be the two near-term factors that will drive markets. Now onwards, investors will continue to watch the progress of monsoon rains,” he added.