Experts expect the selling pressure to continue for a few more sessions as large corrections seem unlikely due to fall in global commodity prices and favourable domestic economic conditions.
Market last week
After reaching a new life high, the BSE Sensex fell 405 points to 62,979 and the Nifty50 lost 160 points to 18,665 as most sectors were under pressure. The global markets were also cautious due to rate hike by central banks and hawkish comments by Fed Chair.
The markets will be closed on June 28 on the occasion of Bakri Id.
US Q1CY23 GDP Growth
Investors are likely to keep track of the final US GDP growth numbers for the first quarter of the current fiscal. The second numbers have already shown that the growth has slowed down to 1.3 per cent in Q1Cy22 due to the consistent interest rate hikes by the federal reserve.
Investors will also closely watch Federal Reserve Chair Jerome Powell's speech on June 28-29 after he indicated two more rate hikes in this year.
Results of US Bank stress tests that will be on June 29 will also play an important role in impacting the global markets.
IPOs
Three major IPOs will hit the primary market next week for a total fund raising of over Rs 1,500 crore. ideaFore Technology will open its Rs 567 crore public offering on June 26 with a price ban of Rs 638-672 per share.
The second IPO for the week would be by Cyient DLM an electronic manufacturing service and solutions provider that will open on June 27 for a price band of Rs 250-265 per share. The Rs 592 crore IPO will close on June 30.
The third major IPO is by construction and development company PKH Ventures. The launch of Rs 256 crore IPO will be on June 30. The price band for the same is yet to be announced.
The SME segment will also see four companies launching their public issue next week. Pentagon Rubber, a conveyor manufacturer, will open its public issue on June 26, followed by Global Pet Industries, a PET stretch blow moulding machine manufacturer and exporter, on June 29 and Tridhya Tech and Synoptics Technologies on June 30.
