The upcoming week in the stock market stands to be influenced by several pivotal factors. Key drivers in the macroeconomic data announcements encompass the release of third-quarter GDP figures, auto sales data, PMI data, and global trends stemming from US GDP data, crude oil inventories, US PMI data, and Eurozone core CPI data. These elements will collectively influence the direction of stock market trends in the week ahead.
"While global cues are relatively muted, market participants will closely monitor movements in crude oil prices, US bond yields, and the dollar index," said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Stock Markets closed on Monday
The stock markets will remain closed on Monday in observance of Gurunanak Jayanti.
"While global cues are relatively muted, market participants will closely monitor movements in crude oil prices, US bond yields, and the dollar index," said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Market last week
Last week, the BSE Benchmark saw a rise of 175.31 points, equivalent to 0.26 percent, while the Nifty50 surged by 62.9 points, representing a 0.31 percent increase.
The market on Friday ended the week on a negative note. The 30-share BSE Sensex was down by 47.77 points or 0.07 per cent, to close at 65,970.04. Meanwhile, the NSE Nifty, was down by 11.45 points or 0.06 per cent to end the day at 19,790.55. Nifty Bank gained 187.35 points or 0.43 per cent at 43,764.85.
Auto Sales
Market observers will be closely monitoring the forthcoming release of November's monthly auto sales figures, expected at the beginning of December.
Domestic Economic Data
On the domestic macroeconomic front, India's Gross Domestic Product (GDP) for the third quarter (July-September) will be released on Thursday, November 30th.
On Friday, December 1st, the Purchasing Managers' Index (PMI) data for the manufacturing sector is scheduled to be announced.
Auto companies will also be under focus in the upcoming week preceding the release of monthly sales data.
Global Economic Data
"The market will take further cues from US GDP data, crude oil inventories, US PMI data and Eurozone core CPI data," said Arvinder Singh Nanda, Senior Vice President, Master Capital Services Ltd.
FPI and FII
"There are some important developments that might influence FPI (Foreign Portfolio Investors) inflows into India. The better-than-expected decline in inflation in the US has given the market confidence to assume that the Fed is done with rate hike."
"Consequently the US bond yields have declined sharply with the 10-year benchmark bond yield correcting from 5% in mid October to 4.40% now. This has forced the FIIs to slow down their selling. Importantly, they were buyers on four days this month with a big buying of Rs 2,625 crore on Friday," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
(With inputs from PTI)
