The equity markets focus is expected to shift to global trends in the absence of any major domestic event scheduled this week, while investors are likely to continue to keep a tab on foreign fund movement and crude oil prices, analysts said.
Progress of monsoon would also be monitored, they added.
“Relentless selling by FIIs is a key concern for the Indian markets. Rupee movement and development of monsoon will be other important factors for the market,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
“In absence of any major domestic event, global cues will continue to dictate the trend. Participants will also be eyeing Covid cases trend and progress of monsoon,” Ajit Mishra, VP – Research, Religare Broking Ltd, said.
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Past week, the Sensex plunged 2,943.02 points or 5.42 per cent, while the Nifty declined 908.30 points or 5.61 per cent.
Weak global cues, a sharp rate hike in the USA and aggressive selling by FIIs (Foreign Institutional Investors) were the key reasons for last week’s turmoil, Meena added.
“There are many moving parts which are likely to determine the course of movement for equity markets. In the near-term, some of the key factors that are to be important to track include inflation and monetary policy, the trajectory of commodity price movement especially oil, any development on the Ukraine-Russia war and outlook on domestic demand and corporate earnings,” said Shibani…
