For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Markets Next Week: Global Cues, State Election Results And Covid Key

|

Indian markets ended the week on a higher note, though half of the gains were lost on Friday, due to enormous selling pressure from Foreign Institutional Investors.

 

Global cues were weak following a softer-than-expected survey of China's manufacturing and some earnings disappointments. On Friday, the domestic side, Nifty witnessed sharp selloff, amidst weak global cues and exit polls of state elections indicating mixed results. Shortage of vaccines dented market sentiments while India continued to report a record daily increase in Covid-19 infections. Fear of further localized lockdown across various states and thus its impact on the overall economic recovery led to profit booking. HDFC, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Asian Paints were among the top losers on the Nifty. Gainers included ONGC, Coal India, Divis Labs, Grasim, and IOC.

Markets Next Week: Global Cues, State Election Results And Covid Key

"Going forward, after having moved 6% in last 2 weeks, markets are likely to be range bound as the fear of the continuous rise in covid cases and extended lockdowns in various states, are likely to cap the upside. We expect Nifty to trade in the range of 14200-15000 zone. So far the strong quarterly earnings season has been supportive to the market but the poor progress on the vaccination front is denting the sentiments. Next week, investors would keenly track the state elections outcome and Auto monthly sales data which would keep the market on the edge, while on the global front, key macro-economic data like US Non-Payroll Farms data, US PMI data and BoE monetary policy would be kept an eye on," says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

 

Shares in Reliance Industries is expected to react to quarterly numbers, which were by and large good.

Investors have over the last 1 year seen their returns doubling in most stocks and hence there might be some profit booking that happens. Since last year, markets have seen a solid rally and hence investors need to be watchful, while investing in higher levels.

Read more about: markets sensex nifty
Story first published: Saturday, May 1, 2021, 9:26 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X