Global trends, foreign investors' move to drive markets in holiday-shortened week, say analysts
With the absence of any major immediate domestic trigger in sight, investors would focus on global trends and trading activity of foreign investors for further cues in a holiday-shortened week ahead, analysts said. Movement of global oil benchmark Brent crude and rupee-dollar trend would also guide the market.
With the absence of any major immediate domestic trigger in sight, investors would focus on global trends and trading activity of foreign investors for further cues in a holiday-shortened week ahead, analysts said. Movement of global oil Brent crude and rupee-dollar trend would also guide the market."This week is a truncated one with no major triggers expected. However, we anticipate sector-specific movements amid budget-related buzz. Key factors to watch be progress of monsoon and institutional flows," said Santosh Meena, Head of Research, .
On the global front, data from China, movement in the dollar index, and US bond yields will be crucial, he added.
Equity will remain closed on Monday on account of Bakri Id.
"This week, shortened by a holiday on Monday, will see participants looking to global markets, particularly the US, for cues in the absence of major events," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
Last week, the BSE benchmark climbed 299.41 points or 0.39 per cent, while the Nifty advanced 175.45 points or 0.75 per cent.
The BSE Sensex hit its all-time high of 77,145.46 on June 13, while the Nifty reached its lifetime peak of 23,490.40 on June 14.
"Domestic markets would remain closed on Monday, while globally investors would keep an eye on BoE (Bank of England) decision.
"We expect market uptrend to continue this week supported by positive macro trends, expectation of sustained government spending and policy continuity, healthy monsoon and strong earnings," said Siddhartha Khemka, Head - Retail Research, .
Source: Stocks-Markets-Economic Times
