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Global events to dictate market trend this week, say experts

Monday, March 05, 2018
By A Business Reporter

With lack of key triggers in the near term, the stock markets may see consolidation in the coming sessions and take cues from global events, say experts.

"Market had shown some signs of recovery during the start of the week with expectation of pickup in economic growth in Q3. But it failed to sustain due to extension of selling in finance sector owing to NPA issues and rise in bond yield.

"Globally, Fed's hawkish view on future rate hike led investors to be more vigilant in the market. The long term outlook for the economy continues to be strong while valuation for the market is still high," said Vinod Nair, Head of Research, Geojit Financial Services.

Among macroeconomic data indicators, PMI number for the services sector, which is due today, would play a key role in deciding the trend of the market. Market experts said stocks may consolidate in the coming sessions amid lack of any major triggers in the near term.

Global cues would influence trading sentiments, they added. Over the last week, the BSE benchmark Sensex fell by 95.21 points.

"Global macroeconomic data and developments in the budget session of Parliament will dictate the trend in the market. The budget session of parliament will reassemble on Monday," said Astha Jain, Senior Research Analyst, Hem Securities.

"Globally, all eyes will be on new Fed Chairman decision on interest rate hikes," said Teena Virmani, Vice President – Research, Kotak Securities Ltd.

FPI outflow hits 5-month high of Rs 11,000-cr in Feb
Foreign investors pulled out over Rs 11,000 crore from Indian stocks in February, making it the largest outflow in five months, primarily due to better opportunities in other emerging markets.

This is against the total inflow of Rs 13,781 crore by foreign portfolio investors (FPIs) in the Indian equity markets in January.

"FPIs have pulled out of the Indian markets as they seem to be favouring other emerging markets like Brazil. Besides, global cues could be another reason for the outflow," NSE Managing Director and CEO Vikram Limaye said.

According to the latest data available with the depositories, the FPIs withdrew a net amount of Rs 11,037 crore from equities last month.

 This is the highest net outflow by FPIs since September 2017, when they had pulled out Rs 11,392 crore from the Indian equity markets.

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