May 6th 2024.
The upcoming week in the stock market is looking to be influenced by a variety of factors, according to analysts. The ongoing fourth-quarter earnings season, global events, and macroeconomic data are expected to play a major role in guiding market trends. In addition, foreign investor activity, the rupee-dollar exchange rate, and the movement of Brent crude oil will also be closely monitored.
Pravesh Gour, a Senior Technical Analyst at Swastika Investmart Ltd, believes that the next batch of Q4 earnings reports will have a significant impact on the market. He mentions big names like Hero MotoCorp, Larsen & Toubro, BPCL, State Bank of India, Eicher Motors, and Tata Motors as companies whose performance will be closely watched. Gour also points out that the ongoing voting phase will also have an influence on market movements.
Apart from these factors, the equity market will also be influenced by the PMI data for the services sector and industrial production data for March, which is set to be announced on Friday. Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, believes that Monday's market reaction will be driven by the US employment data and the Q4 results of companies like Dmart and Kotak Bank.
Moving forward, the ongoing earnings season will continue to be a key factor for investors to consider when making investment decisions. Additionally, the market will also keep an eye on the Bank of England's policy and GDP data from the eurozone. Vinod Nair, Head of Research at Geojit Financial Services, expects some consolidation in the market due to high valuations and any potential election-related concerns.
In the previous week, the BSE benchmark saw a slight increase of 147.99 points or 0.20 per cent, while the NSE Nifty advanced 55.9 points or 0.24 per cent. Ajit Mishra, SVP of Research at Religare Broking Ltd, believes that the market will continue to pay close attention to earnings reports and global market performance, particularly in the US.
The week ended on a slightly negative note, with the 30-share BSE Sensex dropping 732.96 points or 0.98 per cent and the NSE Nifty declining 172.35 points or 0.76 per cent. Prashanth Tapse, Senior VP at Mehta Equities Ltd, attributes this to investors becoming more cautious and selective in their investments due to high valuations, uncertain interest rates, and geopolitical tensions. He also mentions that the outflow of funds by foreign investors has prompted many to book profits at regular intervals.
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