May 13th 2024.
This week, analysts predict that the stock markets will be influenced by a variety of factors, including domestic inflation data, ongoing corporate earnings reports, and global trends. Additionally, news related to the upcoming general election will also be closely monitored by investors.
Foreign investors' trading activity, the movement of Brent crude oil, and the rupee-dollar exchange rate are expected to provide further insight for investors. Santosh Meena, Head of Research at Swastika Investmart Ltd, emphasized the abundance of economic data that will be released this week, both from domestic and global sources. He specifically mentioned the Consumer Price Index and Wholesale Price Index for India, as well as the US Producer Price Index and Consumer Price Index.
Investors will also be paying close attention to a speech from Federal Reserve Chair Jerome Powell, as well as industrial production data from China and GDP figures from Japan. According to Vinod Nair, Head of Research at Geojit Financial Services, the current trend in the domestic markets is likely to continue due to uncertainties surrounding the upcoming elections.
Looking ahead, Nair believes that investors will focus on the release of India's and the US's CPI data, as well as GDP releases from Europe and Japan. He also mentioned the importance of the Fed chair's speech and the next round of Q4 earnings reports.
Some major companies, including DLF, Zomato, Bharti Airtel, and Mahindra & Mahindra, are scheduled to announce their earnings this week. Arvinder Singh Nanda, Senior Vice President at Master Capital Services Ltd, believes that the market's outlook will be heavily influenced by this economic data, as well as the speech from Fed Chairman Jerome Powell.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, expects the market to consolidate within a broader range and take cues from Q4 results, global factors, and news related to the general election. Last week, the BSE benchmark and Nifty declined significantly, but despite this negative sentiment, Ajit Mishra, SVP of Research at Religare Broking Ltd, notes that global markets, particularly in the US, have helped mitigate the pace of decline. He advises investors to closely monitor both global market performance and local factors for market cues.
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