Fed meeting, Q1 earnings among top 10 factors to dictate Dalal Street mood this week
«Nifty fell sharply on July 21 after a six-day winning streak, following disappointing results/guidance from IT companies, including Infosys. It fell at the fastest pace in about 18 weeks. At close, Nifty was down 1.17% or 234.2 points at 19745.
Volumes on the NSE continued to be higher than normal,» Deepak Jasani, Head of Retail Research at HDFC Securities, said. Jasani said that the broad market indices did better than the Nifty and Smallcap index ended 0.13% in the positive even as the advance-decline ratio came in lower at 0.82:1. Factors that are likely to impact movement when markets reopen this week:1) US Markets US markets lacked vigour on Friday on account of disappointing earnings as two out of three frontline indices ended flat.
While Dow 30 closed at 35,227.70, up by 2.51 points or 0.01%, the S&P 500 finished 1.47 points or 0.03% higher at 4,536.34. The Nasdaq Composite ended at 14,032.80, down by 30.50 points or 0.22%. When Indian markets reopen on Monday, they will take cues from the Friday closing of the US markets.
They will also track movement in Dow Futures and GIFT Nifty futures on Monday. The latter is an early indicator of movement in the Nifty50.2) Global Macros S&P Global manufacturing services data and composite PMI data to be declared in the US, UK and European Union on Monday. All important FOMC interest rate decisions will come on July 26.
The US will also announce its GDP numbers and jobless claims this week. Industrial Profits data in China to be published on July 27. As for India, no major economic event is scheduled this week.
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