HDFC merger, GIFT Nifty, IPOs among 8 factors to drive Dalal Street this week
The Sensex and Nifty gained nearly 3% each in the week gone by, and market experts see room for more upside in the week ahead. “If global markets support further, we may see Nifty entering the next cluster of around 19250-19500,” said Sameet Chavan, head — technical and derivatives research, Angel One. On Friday, Nifty 50 and Sensex ended at record closing highs of 19189.05 points and 64718.56 points, respectively.
In the following week, several factors are in place that are likely to decide the trajectory for markets. These include key macroeconomic data points in India and across major developed economies, and a lot of corporate news developments. Global Markets In the week gone by, global markets were largely rangebound. Despite this, domestic equities outperformed and clocked strong gains.
However, market participants will continue to watch the trends in global equities for cues in early trade.GIFT Nifty Monday will be the first day when Nifty 50 offshore derivatives will start trading on the NSE International Exchange under the new name GIFT Nifty, following its transition from Singapore Exchange. The entire open interest in SGX Nifty of around $7 billion will shift to Gift Nifty. The daily volumes are around $1.5-2.0 billion.HDFC-HDFC Bank The mega merger of HDFC Bank and Housing Development Finance Corporation has taken effect.
This will add on the already prevailing positive sentiment around the shares. On Friday, shares of both HDFC Bank and HDFC scaled one-month highs ahead of the board meeting outcome. The boards have set July 13 as the record date to decide the eligible shareholders for allotment of shares in the merger.Auto Sales Automobile stocks will be in focus, as several companies released their June
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