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Indian Stock Markets To Trade Range-Bound Next Week; Take Cues From Global Markets


It has been a volatile hit week for the global stock market which during the later part i.e. in Friday's closing session recovered taking cues from improved trade conditions between the US and China and also retreating lira currency. On similar cues, Indian stock market also ended the week with BSE Sensex gaining 78.65 and Nifty moving higher by 41.25 points.

Stock Markets To Trade Range-Bound Next Week

In Friday's trading session, Sensex reclaimed the earlier reached 38,000 level on an intra-day basis which though could not be sustained at the time of market closing.Nonetheless, Nifty buyoyed by ITC"s 2% jump hit a record closing mark of 11,470.75 points.

Earnings season of Indian corporate for the first quarter of FY19 has come to an end and Indian stock markets will largely remain guided by the global markets trajectory. The gone-by week was primarily pressurized due to Turkish Lira crisis which resulted in massive sell-off of emerging market currencies as dollar stood higher and the US China trade war concerns.

Turkish Lira after retreating from record-lows is again seen to plunge in Friday's trading session after three days of quiet spell as the US again threatened to impose new sanctions on the NATO country. So, going ahead in all probability, macro risks and volatility shall persists over the few weeks on heightened trade war concerns and possible imposition of hard sanctions on Iran and also weak macroeconomic conditions in Turkey that has cast its spell across emerging markets.

Stock specific moves expected in next week with range-bound market as per one of the technical analyst at a stock advisory firm.

During the week, foreign institutional investors sold stocks worth Rs 2,175.78 crore. Domestic institutional investors, on the other hand, purchased stocks worth Rs 741.54 crore.

In a report released by foreign brokerage firm Goldman Sachs on Friday, it sounds out its bullishness on the Indian markets and says the market offers ' plenty to play' scrips.

Read more about: stock markets sensex nifty
Story first published: Saturday, August 18, 2018, 10:18 [IST]
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