Indian Stock Market The last trading week was quite good for the stock market. Nifty, the main index of the National Stock Exchange (NSE), made a new all-time high of 24,861. Sensex, the main index of the Bombay Stock Exchange (BSE), also closed near its all-time high. Last week, Nifty gave a return of 1.24 percent and Sensex 0.90 percent. This was the eighth consecutive trading week when the market closed positive. In such a situation, if you are a stock market investor, then you will be worried about the market movement from Monday, whether the boom in the market will continue or there will be a break? Let’s know.
These factors will affect the market
The US central bank’s interest rate decision, quarterly results of companies, macroeconomic data and trading activities of foreign institutional investors (FIIs) will decide the direction of the stock markets this week. Santosh Meena, Head of Research, Investmart Limited, said, “This week everyone’s focus will be on global indicators, especially the US markets. The US Federal Reserve will announce its decision on interest rates on July 31, which will be important from the market point of view. The market is expecting a possible cut in interest rates this year. Apart from this, everyone will also keep an eye on other macroeconomic data from the US and China. Globally, the US Fed meeting will be held on Thursday. In this, interest rates can be maintained at 5.25 percent to 5.50 percent.
Quarterly results of companies will be important
On the domestic front, the first quarter results of companies will be important. During the week, many big companies will announce June quarter results. This week, GAIL, Adani Power, Bank of Baroda, BHEL, Coal India, Mahindra & Mahindra, Maruti, Tata Steel, Adani Enterprises and Tata Motors will announce quarterly results. Arvinder Singh Nanda, Senior Vice President, Master Capital Services, said, “The market scenario will depend on key domestic and global economic data. India’s infrastructure production, manufacturing PMI data will come during the week. Apart from these, China’s manufacturing PMI data, BOE (Bank of England) interest rate decision, US non-agricultural employment data and Federal Reserve’s press conference will be important for the market.
25,000 is a big resistance right now
According to Nanda, 25,000 is currently a major hurdle for Nifty. If Nifty starts trading above this, then 25,400 level can also be seen, while 24,500 is a strong support. In such a situation, one should buy on every fall. Alex Volkov, market analyst at VT Markets, said about the global markets that US Fed Chairman Powell has recently given a negative statement regarding interest rate cuts, which suggests that interest rates will not be reduced this time. However, a 25 basis point interest rate cut in September remains a possibility. However, the performance of global markets was mixed last week due to pressure on tech stocks.
will keep an eye on employment figures
Vinod Nair, Head of Research, Geojit Financial Services, said, “Going forward, the direction of the domestic market will be influenced by the quarterly results of the companies. Apart from this, the policy meeting of the US Federal Reserve and the Bank of England, US employment figures and Euro zone gross domestic product (GDP) figures will give direction to the market.” Last week, the market was quite volatile and the BSE’s 30-share Sensex climbed 728.07 points or 0.90 percent. At the same time, the National Stock Exchange’s Nifty gained 303.95 points or 1.23 percent. Deepak Jasani, Head of Retail Research, HDFC Securities, said, “In the coming week, global investors will keep an eye on the earnings data of the big technology companies of the US market, the Federal Reserve’s policy meeting and employment data. These will determine the direction of the US stock markets going forward.”
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