GDP, auto sales data, global cues to guide stock market this week

As per market analysts, macroeconomic data, monthly auto sales and global trends will most likely guide local market this week.

Published: 28th November 2022 07:20 AM  |   Last Updated: 28th November 2022 07:20 AM   |  A+A-

Stock Market

Image used for representational purpose only. (Photo | AP)

Express News Service

NEW DELHI: India’s equity market resumed uptrend after taking a breather for a week. Supported by the US Federal Reserve’s dovish view on future interest rate hikes, strong buying by foreign institutional investors (FII) and a drop in crude oil prices, benchmark indices NSE Nifty and BSE Sensex gained about 1% each last week. Sensex rallied 630.16 points or 1% last week settling at 62,293.64 -- its record closing high. The NSE Nifty too ended at a closing high of 18,512.75.

As per market analysts, macroeconomic data, monthly auto sales and global trends will most likely guide local market this week. Some analysts also feel that benchmarks will continue their rally in coming wees, with Nifty testing the 19,000 mark. Ajit Mishra, VP - Technical Research, Religare Broking, said, “In the coming week, participants will be focusing on key macroeconomic data viz. GDP numbers, core sectors data, manufacturing and services PMI for cues. Apart from domestic data set, the performance of the global indices especially the US will remain on the radar.”

“We expect the prevailing trend to continue and expect Nifty to scale 18,700 first and then to a new milestone of 19,000. On the downside, the 18,100 zone would provide the much  needed support in case of any dip,” added Mishra.

GDP data for the second quarter is scheduled to be announced on Wednesday, while Purchasing Managers’ Index (PMI) data for manufacturing sector will be out on Thursday. The growth data will be keenly followed given several rating agencies and banks have lowered India’s FY23 gross domestic product (GDP) growth forecast, as they feel higher interest rates and slowing global trade are major headwinds.

As per Vinod Nair, Head of Research at Geojit Financial services, however, the tight COVID lockdown in China has negatively impacted the global growth forecast and m the lack of strong fundamental triggers will limit the upside, keeping the market volatile in the short term.


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