New record reached today in the stock market
Global trends, foreign investor activities and economic data on the domestic front will decide the direction of the stock market during this week of slow trading session. Regarding these three factors, analysts believe that when the market opens on Monday, they will play the most important role in deciding its direction. Let us tell you that the stock markets will remain closed on Wednesday i.e. October 2 on the occasion of Gandhi Jayanti. Now let us understand how it will be effective in the market.
Will foreign investors become the real heroes?
Santosh Meena, head of research at Swastika Investmart Limited, said it will be interesting to closely monitor the flow of foreign institutional investors (FIIs). The Indian stock market saw the highest FII inflow in September this year. Fluctuations in commodity prices, the US dollar index and macroeconomic data will also guide the market. Meena said that apart from this, geopolitical developments will continue to be a major factor globally.
These figures will arrive next week.
Meena said that on the domestic front, monthly vehicle sales figures and quarterly results of companies may show stock-specific activity in the near future. Purchasing Managers’ Index (PMI) data for the manufacturing and services sectors will influence market sentiment throughout the week.
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Siddharth Khemka, Head of Research and Asset Management at Motilal Oswal Financial Services Limited, said we expect the positive market trend to continue led by top stocks. Last week, the 30-share BSE Sensex gained 1,027.54 points or 1.21 per cent. At the same time, the Nifty on the National Stock Exchange rose 388 points or 1.50 per cent.
This week the market had achieved this record.
On Friday, Sensex hit a new all-time high of 85,978.25 during the day. During the same day’s trade, Nifty hit a new high of 26,277.35 points. Religare Broking Ltd. Ajit Mishra, senior vice president of research, said that going forward, in the absence of internal indicators, global factors will play an important role in driving the market.
Mishra said everyone will be watching the vehicle sales figures to be released on October 1. Apart from this, HSBC India Manufacturing PMI and HSBC India Services PMI data will also be important. In addition, everyone will be watching the flow of foreign funds and fluctuations in crude oil prices. Vinod Nair, head of research at Geojit Financial Services, said going forward investors will be keeping an eye on companies’ second-quarter results. Investors expect an improvement in company results.
