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Samvat 2076: US Fed decision, Q2 numbers to steer market this truncated week, say analysts

Agencies | Updated on: Monday, October 28, 2019, 02:51 PM IST

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New Delhi: The US Fed's decision on interest rate and corporate earnings announcement will be the major driving factors for the equity market in this holiday-shortened week, according to analysts.

The BSE and NSE are closed on Monday on the occasion of 'Diwali Balipratipada'.

"In a holiday-shortened week investors will focus on the next leg of corporate earnings. Auto companies will be in focus as the sector will report a picture of how festive demand has fared in October. The US Fed is expected to keep its interest rates steady when they meet (on Wednesday) based on the macro numbers.

"Further cues on Brexit and trade war will remain in focus," Vinod Nair, Head of Research, Geojit Financial Services said.

United Bank of India, IOC, Bank of India and Yes Bank are set to announce their second quarterly results this week.

PMI data for the manufacturing sector is scheduled on Friday which may also influence trading, analysts added.

Also, trend in the Indian rupee, crude oil and investment pattern by overseas investors would guide markets, they said.

BSE benchmark Sensex rose 192 points to end at 39,250 on Sunday in the special Muhurat trading session to mark the beginning of Hindu Samvat year 2076.

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Published on: Monday, October 28, 2019, 02:51 PM IST