July 29th 2024.
This week, analysts are predicting that the stock market will be influenced by several major factors. These include the decision on the US Fed interest rate, ongoing quarterly earnings, macroeconomic data, and FII trading activity. Investors will also be keeping an eye on global market trends and the movement of global oil prices for any indications on how the market may behave.
According to Santosh Meena, the Head of Research at Swastika Investmart Ltd, the focus will primarily be on US market trends this week. The US Federal Reserve is expected to announce their interest rate decision on July 31, which has caused a lot of anticipation as the market is hoping for a potential rate cut later this year. Additionally, other macroeconomic data from the US and China will also be closely monitored. On the home front, the first quarter earnings of several large companies will be a key trigger for the market.
Companies such as GAIL, Adani Power, Bank of Baroda, BHEL, Coal India, M&M, Maruti, Tata Steel, Adani Enterprises, and Tata Motors are among those scheduled to announce their quarterly results this week. Arvinder Singh Nanda, Senior Vice President at Master Capital Services Ltd, believes that the market's outlook will be influenced by both domestic and global economic data, such as India's infrastructure output, manufacturing PMI, China's manufacturing PMI, BoE interest rate decision, US nonfarm payrolls, and the Federal Reserve's press conference.
Vinod Nair, the Head of Research at Geojit Financial Services, adds that the direction of the domestic market will likely be shaped by the progress of the ongoing earnings season. In addition, updates on global economic events such as the US Fed and BoE monetary policies, US employment data, and Eurozone GDP figures may also have an impact on market trends.
Last week saw some volatility in the market, with a bit of profit-taking. The BSE benchmark rose by 728.07 points or 0.90 per cent, while the Nifty climbed 303.95 points or 1.23 per cent. According to Deepak Jasani, the Head of Retail Research at HDFC Securities, global investors will be paying close attention to the earnings of the US's biggest tech companies, the Federal Reserve's policy meeting, and employment data. These factors will likely determine the short-term trajectory of US stocks.
In conclusion, this week promises to be an eventful one for the stock market, with various domestic and global factors expected to play a significant role in shaping its direction. Investors will be closely monitoring these developments to make informed decisions about their investments.
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