Weekly Market Outlook By Vinod Nair, Geojit Financial Services
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Below is the Weekly Market Outlook By Vinod Nair, Head of Research at Geojit Financial Services
"The Russia-Ukraine conflict, fresh sanctions on Russia by global powers, and reports of the Russian attack on Europe’s biggest nuclear plant in Ukraine added more tension on global investors. Rising oil prices along with uncertainties of supply change disruption have instilled fears of inflation crossing RBI’s tolerance level. The sell-off was more in large-caps, dragged by FIIs selling compared to the broad market. Metal stocks rallied due to an increase in steel prices led by supply constraints in Russia & Ukraine and benefitting Indian steelmakers in the export market. Q3FY22 GDP numbers were below market expectation as it reported a gentle growth of 5.4% while NSO (National Statistical Office) down revised FY22 growth from 9.2% to 8.9%.
In the coming week, in addition to geopolitical tensions, the domestic market will look at state election exit poll data and the global market on BoE and Fed policy statements. Based on current consensus, state elections outcome is unlikely to be a crucial factor but rather than a short-term positive & negative reaction, accordingly. Due to war uncertainties, central banks may balance their hawkish policy against expected earlier due to high inflation. It can provide leeway to the market in the short term. The market also awaits the release of February inflation data which is expected to remain high at 6.1% compared to 6.01% during January"
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