New Delhi, 23 March (IANS). The next week is going to be very important for the Indian stock market. PMI, FII, loan and deposit growth of Indian banks and global economic data will determine the stock market trend.
Composite Purchasing Manager Index (PMI) data in India will be released on Monday. Composite is an average of PMI service and manufacturing output. It acts as a high frequency indicator for the economy, which helps the Reserve Bank of India (RBI) in determining the direction of monetary policy.
At the same time, data of loan and deposit growth of banks will be released on Friday at the domestic level.
Additionally, many important economic figures will be released globally, which may affect the market, including US jobless claims, US new home sales and UK GDP data.
The past week was quite spectacular for the Indian stock market. The Nifty rose 4.26 percent to 23,350.40 and the Sensex 4.17 percent to close at 76,905.51.
The rally was led by Financial Stocks. The Nifty Bank Index recorded an increase of 5.27 percent and the Nifty Financial Services Index increased by 5.49 percent.
Smallcap and midcap also saw strong purchases than largecap. The Nifty Midcap index rose 7.8 percent and the Nifty Smallcap index rose 8.5 percent.
Now foreign institutional buyers (FIIs) have become pure buyers. In the business session from March 17 to March 21, an investment of Rs 5,819 crore was made by the FII in equity. At the same time, Rs 4,337.80 crore was invested in equity by domestic institutional investors (DIIs).
Director in Master Trust Group Putin Singhania says that last week the Nifty closed in green mark in all five business sessions. 23,050 will now be an important support for Nifty. If it breaks it, it will be 22,800, 22,700 and 22,500 a strong support zone.
-IANS
ABS/
