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26-11-2023 11:11 AM | Source: PR Agency

Coming week`s market report By Arvinder Singh Nanda, Master Capital Services Ltd

News By Tags | #IPO #StockMarket #ExpertViews #FMCG #GDP #TataTechnologiesLtd #IndianRenewableEnergyDevelopmentAgency #FedbankFinancialServicesLtd

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Below the upcoming week's market report By Arvinder Singh Nanda, Vice President of Master Capital Services Ltd

Benchmark indices continued to rally and rose for the 4th consecutive week. All sectoral indices ended in green weekly basis except IT, PSU Bank, and FMCG. The realty sector gained the most among the sectors.

The week was about IPOs with more than five companies -Tata Technologies, Flair Writing, Fedbank Financials, Gandhar Oil Refinery, and Indian Renewable Energy Development Agency Ltd, launching their IPO worth over Rs 7378 crore. All the IPOs went fully subscribed, with Tata Technologies IPO being the highest subscribed IPO with a subscription of 69.43 times the IPO size.

Foreign Direct Investment in India fell 7.3% in the July-September quarter to $ 9.54 billion due to a sharp fall in inflows into computer software and hardware sectors, trading and construction. Foreign direct equity investments in India have experienced a significant downturn, recording a 24% decline to $20.5 billion during the first half of the financial year 2023-24.

The market will focus on the global and domestic macroeconomic data. Major domestic macroeconomic events, for the next week, including Auto stocks will be in focus as auto companies will start announcing monthly sales numbers for November starting from 1 December 2023. On the macro front, India's gross domestic product (GDP) for the third quarter will be released on 30 November 2023. The infrastructure output data for October will be released on the same day.

The S&P Global Services PMI for November will be declared on 1 December 2023. The market will take further cues from US building permit data, US new home sales data, US GDP data, Crude oil Inventories, US Core PCE Price Index, US PMI data and Eurozone core CPI data.

The NSE Nifty 50 index was up 0.32% to 19,794.70 points and the S&P BSE Sensex was up 0.27% at 65,970.04. Indian shares were flat on Friday, weighed down by a drop in information technology (IT) stocks after a recent rally. Both benchmarks, however, are set for their fourth straight weekly gains on expectations that interest rates have peaked in the U.S. and Europe.

A decisive move above 19,850-19,900 levels is expected to open a sharp upside towards new all-time highs. Any weakness below 19700 could find support at around 19,600 levels. The sentiment is anticipated to stay sideways as long as it holds above 19,700. However, a drop below 19,600 might exert downward pressure on the Nifty.

As for Bank Nifty, with minor gains Bank Nifty closed the week around 43800. We are expecting prices to drift with a sideways to higher tendency. With the validation of its recent swing low of 43200, buying can be initiated from lower levels near 43000. Where 44200 will act as an immediate resistance.

Above views are of the author and not of the website kindly read disclaimer

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Coming week`s market report By Arvinder Singh Nanda, Master Capital Services Ltd

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