Investors are additionally anticipated to take steerage from the minutes of the February MPC assembly launched by the central financial institution final week.
Last week, BSE Sensex rose 716.16 factors or 1 per cent to shut at 73,142.8 factors and inched nearer to its file excessive stage of 73,427.5.
With no main home market-shifting occasion scheduled this week, inventory market traders would largely concentrate on world developments and overseas fund motion, and will face volatility amid month-to-month derivatives expiry, analysts mentioned.
“We expect volatility to remain high due to the scheduled expiry of February month derivatives contracts. Besides, participants should keep a close watch on the performance of the global indices, especially the US for cues,” Ajit Mishra, SVP – Technical Research at Religare Broking Ltd, mentioned.
Last week, BSE Sensex rose 716.16 factors or 1 per cent to shut at 73,142.8 factors and inched nearer to its file excessive stage of 73,427.5.
“Markets remained volatile in the passing week but managed to end with a gain of nearly a per cent. After the initial rise, mixed global cues combined with profit taking in select heavyweights capped the momentum.
“Consequently, the benchmark indices, Nifty and Sensex, continued to oscillate in a narrow range till the end and finally settled at 22,212.70 and 73,142.80 respectively,” Mishra mentioned.
After the marginal dip, the US benchmark index, the Dow Jones Industrial Average (DJIA) has resumed the uptrend and likewise crossed a brand new milestone of 39,000. With a powerful base of round 38,400, we anticipate the prevailing tone to proceed within the index and that would additionally assist our markets to take care of the constructive bias, Mishra added.
Investors are additionally anticipated to take steerage from the minutes of the February Monetary Policy Committee (MPC) assembly launched by the central financial institution final week. The charge-setting panel has hinted a cautious method in direction of financial easing amid uncertainties round inflation outlook.
“On the economy front, almost all MPC members continued to express a cautious approach to monetary easing, given the uncertainties surrounding the inflation outlook,” Shrikant Chouhan, Head Equity Research at Kotak Securities, mentioned.
In the newest bi-month-to-month coverage overview held earlier this month, the Reserve Bank of India’s six-member panel determined to depart the important thing coverage charge unchanged at 6.5 per cent for the sixth time in a row.
Analysts identified that elements like crude oil costs, rupee motion, quarterly GDP information to be launched in India in addition to within the US, and month-to-month world manufacturing PMI information within the coming week may also affect the market sentiment.
With Q3 FY24 outcomes season behind us, the market focus shall be on the macro developments each home and worldwide, Chouhan mentioned.
Besides, six IPOs value greater than Rs 3,300 crore shall be hitting the inventory markets subsequent week, together with Platinum Industries and Exicom Tele-Systems public points which can open for subscription on February 27 and IPO of Bharat Highways Infrastructure Investment Trust on February 28.
(This story has not been edited by News18 employees and is printed from a syndicated information company feed – PTI)
