Global factors, macroeconomic data to drive markets in holiday-shortened week ahead: Analysts
Equity market will be guided by global trends, macroeconomic data announcement and foreign fund movement in a holiday-shortened week ahead, analysts said. Movement of the rupee and Brent crude oil will also remain in focus this week, they added.
“The bulls need some support from global markets to continue Friday’s momentum. The geopolitical situation, macro numbers from the USA, direction of the US dollar index, and bond yields will be key factors to watch out for at the global level,” Santosh Meena, Head of Research, Swastika Investmart Ltd, said.
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PMI (Purchasing Managers’ Index) data for the manufacturing sector is scheduled to be announced on Monday, while the services sector data will be out on Thursday.
“This week is a holiday-shortened one and marks the beginning of the new month also so important data like auto sales, S&P manufacturing PMI and S&P services PMI will be in focus. Besides, performance of the global markets, FIIs trend, and movement in currency and crude will also remain on participants’ radar,” said Ajit Mishra, VP – Research, Religare Broking Ltd.
Last week, the Sensex shed 672 points or 1.15 per cent, while the Nifty lost 233 points or 1.34 per cent. Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd, said, global macro factors will continue to dictate the domestic market sentiment going ahead as any fresh spell of negative news could once again trigger the downward spiral.
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