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Stock markets to be buoyed by quarterly gains in major indices, global trends and RBI’s interest rate decision this week after digesting news on budget proposals and US federal policy outcome .US, analysts say.
Trading activity by foreign investors and the movement of global benchmark Brent crude would also dictate stock trends.
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“On the domestic front, the MPC (Monetary Policy Committee) meeting is scheduled for February 6-8. The third quarter earnings season will continue to be in the spotlight. Bharti Airtel, Power Grid, Nestle, Lupine and Tata Power will announce their results this week,” said Pravesh Gour, senior technical analyst at Swastika Investmart Ltd.
Market participants will be watching the rupee’s movement against the dollar and crude oil prices, Gour said.
Investments by foreign (FII) and domestic (DII) institutional investors will also be monitored, he added.
“Now that the US Federal Reserve and the interim budget are behind us, all eyes will be on the RBI policy meeting this week,” said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services Ltd.
Last week, the BSE benchmark index jumped 1,384.96 points or 1.95 per cent, and the Nifty rose 501.2 points or 2.34 per cent.
On Friday, the Nifty hit its all-time high of 22,126.80.
Market attention will be focused on the current Q3FY24 earnings season, with many companies announcing their results in the coming days such as Ashok Leyland, Bharti Airtel, Apollo Tyres, Nestle, Grasim, LIC, Arvinder Singh said Nanda, senior vice president of Master. Capital Services Ltd.
“The market will react to key domestic and global economic data, crude oil inventories, FII/DII investment pattern and rupee movement against the dollar. “Economic numbers will affect the market such as S&P Global Services PMI from countries like India, UK, US, Initial Jobless Claims, China Inflation Figures and India’s Interest Rate Decision,” Nanda added.
The tone was positive for most of the last week amid favorable global cues and buying of select heavyweights.
“We expect volatility to remain high this week as well and the focus will be on earnings and the RBI will meet for signals. On the global front, the continued uptrend in US markets will continue to favor the bulls,” said Ajit Mishra, Senior Vice President – Technical Research at Religare Broking Ltd.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed. PTI)