This week has been great for the stock market. Next week the Federal Reserve will decide on the interest rate and the data of US GDP will come. These numbers will have a big impact on the market.
After nine months, foreign investors are buying.
The performance of the stock market has been great for the last three weeks. This week the Sensex recorded a rise of more than 2300 points. The process of selling by foreign investors has also stopped. After nine months, foreign portfolio investors are seen buying in the Indian market. So far this month, 1100 crore purchases have been made. In such a situation, how will the next week be for the stock market and know about which factors will have an impact.
Regarding the market sentiment, Anuj Gupta, Vice President, Commodity, IIFL Securities said that the US index Dow Jones also registered a rise of 1.95 percent this week. The main reason for this is that the Ukraine Crisis seems to be decreasing. Apart from this, the June quarter results of the companies are also good. With this the sentiment is turning positive. However, there is pressure on the rupee and it is near the level of 80. Crude oil is currently close to $ 103. Monsoon is expected to be good. All these factors are giving positive signs regarding the economy.
Nifty may touch 17000
There is also a possibility of an increase next week. Anuj Gupta said that Nifty can touch the level of 17000. There is strong support for Nifty at 16300-16000 level. The first target will be 17000, then it will move towards 17400. It is expected that in the short term Nifty will reach close to this target. There is a possibility of a rise in the rupee. The rupee may strengthen against the dollar from 79.40 to 79 levels.
The results of many big companies are coming
Market experts say that this week will be very volatile for the domestic stock markets due to the decision on interest rates by the US Federal Reserve, settlement of monthly derivative contracts and quarterly results of many big companies. Apart from this, foreign portfolio investors (FPIs), rupee volatility and crude oil prices will also affect the market sentiment, say analysts.
The market will keep an eye on the decisions of FOMC
Santosh Meena, Head of Research, Swastika Investmart said, “This week is going to be full of developments. In such a situation, we see the possibility of increasing ups and downs. Apart from this, many companies of Nifty-50 will announce quarterly results this week, he said. The settlement of futures and options contracts for the month of July is on Thursday. In such a situation, overall there will be volatility in the market. Meena said that the results of the Federal Free Market Committee (FOMC) meeting on the global front will be out on July 27. This will be the most important development from the market point of view. He said it would be interesting to see what would be the attitude of foreign portfolio investors, as they have been net buyers for a long time in the last week.
There are going to be many big events in the week
Ajit Mishra, Vice President Research, Religare Broking said, “This week will be very active. There are many important figures to come during the week. First of all, market participants will react on the quarterly results of Reliance Industries, Infosys, ICICI Bank and Kotak Bank. On the global front, the Federal Reserve will announce a decision on interest rates on July 27. The US Gross Domestic Product (GDP) figures will be out on July 28.
Reliance and ICICI Bank result excellent
Reliance Industries’ June quarter net profit rose 46 percent. The company’s profit has increased strongly due to increase in income from oil refining. The company’s quarterly results came on Friday. On the other hand, the quarterly result of ICICI Bank came on Saturday. The bank’s single net profit during the quarter jumped 50 per cent to Rs 6,905. Kotak Mahindra Bank’s first quarter net profit jumped 26 per cent to Rs 2,071.15 crore. Axis Bank, Tata Steel, Asian Paints, Bajaj Auto, Larsen & Toubro, Maruti Suzuki, Tata Motors and HDFC, Mishra said this week Quarterly results of big companies like this are to come.
The results of the Federal Reserve meeting will come
Siddharth Khemka, head of retail research, Motilal Oswal Financial Services, said, “On the global front, the results of the Federal Reserve meeting this week will come. Apart from this, the GDP figures for the second quarter of America are also to be announced. Last week, the 30-share BSE Sensex rose 2,311.45 points or 4.29 per cent.
US GDP and FOMC numbers will come
Apoorva Seth, Head – Market Outlook, Samco Securities said that this week will be very active. The major developments during the week will be the results of the FOMC meeting and the US GDP figures. These figures will also have an impact on the sentiment of the Indian markets.
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