Markets outlook: Global trends, foreign investors' trading to decide D-street action
Also read: Week Ahead: Macro data, IPO action, FII mood, global cues among key market triggers this week Concerns like rising crude oil prices, firm US dollar index and treasury yields coupled with continuous FII selling have been denting the sentiment in the markets, Amol Athawale, Vice President - Technical Research, Kotak Securities Ltd, said. "Global and domestic macroeconomic data, trend in global stock markets, crude oil prices, movement of rupee against the dollar, investment by FIIs (Foreign Institutional Investors) and DIIs (Domestic Institutional Investors) will be in focus.
Also read: IPOs This Week: JSW Infra IPO to Arabian Petroleum IPO; 16 new issues, 8 listings to keep primary market buzzing "Market will take further cues from some key events such as the US GDP data, UK GDP and Eurozone inflation," Arvinder Singh Nanda, Senior Vice President, Master Capital Services Ltd, said. In the past week, the BSE benchmark fell 1,829.48 points or 2.69 per cent, and the Nifty declined 518.1 points or 2.56 per cent.
Equity benchmark indices stayed on the back foot for the fourth straight session on Friday. "Last week has seen significant profit-booking in the market, primarily driven by a steep decline in HDFC Bank, weak global cues, and substantial selling by foreign institutional investors.
The global markets are facing challenges, particularly after the ultra-hawkish FOMC (Federal Open Market Committee) policy," Meena said. Also read: FPIs offload ₹10,164 crore in Indian equities this month; What's in it for domestic investors? After reaching record high levels, equity benchmark indices fell last week amid a weak trend in global markets.
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