Mumbai . After reaching the record high of the market, there is a discussion everywhere that where the market will go now. Will there be a correction or the bull run will continue. The Sensex touched the level of 60 thousand last week. Now the churning is going on whether it will cross 60 thousand or beer will dominate the market.
Global cues such as rise in oil prices, rise in US bond yields and rising concerns over China’s economy weighed on the market sentiments. But strong data from the core sector and a strong manufacturing PMI in September prevented the market from falling too much. Quarterly results will also come this week. So keep an eye on these too.
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Last week, Banking & Financial, FMCG, Capital Goods and Technology stocks put pressure on the market. But oil and gas, power, metal and auto stocks supported the market.
Market consolidation likely to continue
Market players say that the consolidation in the market is likely to continue in the coming week. The market will keep an eye on RBI’s commentary on the economy and global factors like oil prices, US bond yields, US employment data. Samco Security says that this week is going to be very action packed. The eyes of the market giants will remain on the RBI monetary policy. Apart from this, the market will also keep an eye on the meeting of OPEC to be held this week. Market participants should be prepared for huge fluctuations in crude prices.
Some important events that the market will keep an eye on
It is worth noting that the monetary policy meeting of RBI will be held from 6 to 8 October. It is expected that RBI will not make any changes in the interest rates. And will also maintain its stance accomodative. But the market’s eye will remain on RBI’s commentary on rising oil prices, inflation, growth and global situation.
Crude oil and OPEC meeting
Crude oil and OPEC meat will also remain the market leader. This meeting is going to happen this week. Significantly, as the concerns of Kovid around the world subside and along with the increase in activities like industrial, tour and travel, oil prices have reached a nearly 3-year high. This is a matter of great concern for a country like India. A decision on the total production for the month of November will be taken in the meeting of OPEC to be held this week. The market will keep an eye on it. Apart from this, the market will also keep an eye on the position of the rupee against the dollar and the FII flow.
The data of Market Services PMI and Market Composite PMI for the month of September are also going to come this week. The market will keep an eye on these figures coming on Tuesday. The second quarter results will also start this week. On Friday, the country’s largest IT company Tata Consultancy will release its results. However, these results will come after the market closes on Friday. But before the results, some action can be seen on the market.
Some corporate action will also be seen this week. For example, this week Affl India Rs 10 face value shares will be divided into Rs 2 face value shares. The shares of Tirupati Forge Limited with a face value of Rs 10 will also be divided into shares of Rs 2 face value. Tirupati Forge Limited may also declare bonus shares in the ratio of 4 shares to 3 shares.
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