BackMarkets Weekahead: Global cues, rupee, oil prices to guide market trend
Experts believe Indian stock markets may face volatile trading sessions this week and would be guided by global cues, movement of the rupee and crude oil prices
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New Delhi: Stock markets may face volatile trading sessions this week and would be guided by global cues, movement of the rupee and crude oil prices, experts said. Participants would also be keenly awaiting the GDP data for the September quarter to be released Friday, they added.
“The major event for the Indian equity market would be the GDP data that is eyed at the end of this month along with expiry. The numbers would certainly give a medium-term directional view for broader indices and decide the breadth for coming months. “That said, we have elections in major states and a lot would depend on the outcome of it," said Mustafa Nadeem, CEO, Epic Research.
Trend in the Indian currency and crude oil prices would also continue to influence trading sentiments, they said.
“This week markets are expected to be range-bound, moodless with downward bias. The next trigger is expected to be in the 2nd week of December with election outcome which might give some direction to the market. But till that time volatility and whipsaws would persist," said Jimeet Modi, Founder and CEO, SAMCO Securities and StockNote.
Derivatives expiry on Thursday could add volatility in the equity market.
From the global markets, FOMC minutes outcome will be eyed.
Over the last week, the Sensex declined by 476.14 points to close at 34,981.02 on Thursday. Stock markets were closed Friday for ‘Gurunanak Jayanti’.
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