Weekly market outlook 28 May 2021 By Vinod Nair, Geojit Financial Services
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Below is the Weekly market outlook 28 May 2021 By Vinod Nair, Head of Research at Geojit Financial Services
"Steady decline in fresh covid cases, expectations of another set of relief measures, global cues and improved corporate earnings buoyed the market this week. As per reports, the central government is preparing the next set of support measures in order to minimise the economic impact of the second wave, especially in the worst-hit sectors. However, RBI’s warning of a risk of a bubble in the equity market in its annual report made the market cautious although it reaffirmed its supportive stance till the economy recovers on a durable basis. Additionally, Fed officials reiterated that inflation is transitory, beating down worries. Fall in US jobless claims has also helped in raising optimism in the global market as it pointed towards the early opening of the US economy. The sustenance of the rally is supported by the recent improvement in foreign investment with a stabilizing US yield and drop in dollar index.
Expectations of state-wise unlocking due to declining COVID cases are giving hopes of economic recovery. As the result of a decline in the covid second wave infection curve, the plausibility of further re-opening of the economy has enlarged and consequently the market is expected to gain further momentum surpassing previous highs. In the coming week, the market also expects PMI for May and Production data for April to be released"
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