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Macro data, global trends to guide markets this week
Trading activity in the equity market this week will depend on macroeconomic data announcements, monthly auto sales numbers and global trends, analysts said.
New Delhi: Trading activity in the equity market this week will depend on macroeconomic data announcements, monthly auto sales numbers and global trends, analysts said.
Bulls dominated Dalal Street last week, supported by favourable triggers like buying by Foreign Institutional Investors (FII) and a drop in crude prices. Last week, the 30-share BSE benchmark Sensex rallied 630.16 points or 1 per cent. On Friday, the Sensex settled at 62,293.64 -- its record closing high. The NSE Nifty too ended at its lifetime peak of 18,512.75.
"This week, our Q2 GDP numbers and monthly auto sales numbers will be key domestic factors. On the global front, the market will keep an eye on data from the US and any further movement of the dollar index and US bond yields.
Apart from this, news flow from China will continue to cause some volatility," said Santosh Meena, Head of Research, Swastika Investmart Ltd. Ajit Mishra, VP - Technical Research, Religare Broking Ltd, said this week participants will be focusing on key macroeconomic data -- GDP numbers and manufacturing PMI -- for cues.
