FII flows, IPO action among top 10 factors to dictate Dalal Street mood this week
Sensex and Nifty50 ended the week on a high, with metals, realty, and auto stocks outperforming others. Amid a host of important domestic and global events lined up for this week, here's what lies ahead for the stock markets.
«Domestic equities cheered impressive growth in India's Q1 GDP and core sector output. Nifty opened positive on Friday and strengthened during the day to close near the day’s high.
Broader market too ended in green up almost 1%. All sectors participated in the rally, except from pharma, metals, oil & gas, PSU banks, and autos were major gainers,» said Siddhartha Khemka, Head — Retail Research at Motilal Oswal Financial Services.
«Overall, we expect the market to trade in a range with sector- and stock-specific actions as the broader market momentum remains positive,» Khemka added.
1) US Markets
Wall Street ended mixed on Friday, giving up gains after the weaker-than-estimated jobs data was announced. Dow Jones ended at 34,721.90, down by 168.33 points or 0.48%, while the S&P 500 closed at 4,507.66, lower by 7.21 points or 0.16%.
Nasdaq Composite shut at 14,035, witnessing a 15.66 points 0.11% uptick.
US markets will remain closed for trading on Monday on account of the Labour Day Holiday.
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 the movement in the Nifty50.
2) Global Macros
The US will announce its trade balance data, S&P Global Services data, and composite PMIs.
