FII flows, IPO action among 9 factors that will steer D-Street this week
Nifty ended with weekly gains of 1.5% led by banks, auto, and IT stocks. When markets resume trading on Monday, a host of domestic and global events during the week are likely to impact them.
«During a week marked by volatility, the stock market closed near its peak, with the Bank Nifty index emerging as a standout performer. Despite a rocky start, the PSU index demonstrated resilience, bouncing back from early declines. With few definitive signals this week, the market focus remains on the trajectory of the dollar index and US bond yields,» Santosh Meena, Head of Research, Swastika Investmart, said.
While he warns against elevated crude oil prices which pose a potential risk, the prevailing bullish sentiment will overshadow negative developments in his view.
Factors that are likely to impact movement when markets reopen this week:
1) US Markets
US markets ended with cuts on Friday following a hotter-than-expected producer prices report which dashed hopes of imminent interest rate cuts by the Federal Reserve. While Dow 30 closed at 38,628, down by 145.13 points or 0.37% the S&P 500 fell by 24.16 points or 0.48% to finish at 5,005.57. Meanwhile, the Nasdaq Composite settled at 15,775.70, lower by 130.52 points or 0.82%.
When Indian markets open on Monday, they will take cues from the Friday closing of the US markets. They will also track movement in GIFT Nifty futures on Monday. The latter is an early indicator of movement in the Nifty50.
2) Rupee vs Dollar
The Indian rupee ended little changed after hovering
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