Afternoon D & C Dedicated To Mumbai
Home > Business & Investment > Global cues, macro data, rupee movement to chart market direction this week

Global cues, macro data, rupee movement to chart market direction this week

Monday, September 03, 2018

Global trends, fresh macroeconomic data, movement of rupee against the US dollar and crude oil prices are likely to chart the stock market's course this week, say experts.

"The coming week will start off with manufacturing and services PMI data," said Mustafa Nadeem, CEO, Epic Research.

Auto stocks will also remain in focus with the release of monthly sales data. Continuous fall in the rupee and surging global oil prices remain key dampening factors, raising renewed inflation concerns. The rupee on Friday slumped 26 paise to breach the historic low of 71 level for the first time against the US currency due to firming crude oil prices.

"The market is expected to remain in the profit-booking zone. IT stocks are undoubtedly riding on the bandwagon of rupee depreciation, but in the short to medium term they have reached their overbought levels and are likely to correct soon," said Jimeet Modi, Founder & CEO, SAMCO Securities.
However, other export-oriented industries like textiles, auto-ancillaries have still some more room left for an up move, he added.

The quarterly gross domestic product (GDP) numbers were released after market hours on Friday.

The country's economy grew at a two-year high of 8.2% in the April-June quarter of 2018-19 on strong performance of manufacturing and agriculture sectors, increasing its lead over China to remain the world's fastest growing major economy, according to the government data released on Friday.

"The strong GDP numbers bode well for both equity (especially consumption theme) market and debt market," said Sujan Hajra, Chief Economist, Anand Rathi Financial Services.

COMMENTS
No Comments Posted
POST YOUR COMMENTS
Name:  
 
Email:    
Comments:
 
 
City news
Davdi is a small village which comes under ...
From September 1 to September 16, total 2,322 ...
City likely to see hippo calf for first ...
Heart To Heart
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Astrology
Select Sun sign:
 
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)You will be very enterprising and industrious today. You make your plans very carefully and execute them perfectly. Despite this, your progress will be very slow. However, Ganesha advises you not to despair and showers his blessings on you.
- Advertising -
Women scientists in India have made a mark despit
Yashica Keswani, the brain behind a new natural s
Future Style Lab’s newest brand Ancestry will soo
Read More