Weekly Market Outlook from Vinod Nair, Head of Research at Geojit Financial Service

14-09-2024 09:47 AM | Source: Geojit Financial Services Ltd.

Weekly Market Outlook from Vinod Nair, Head of Research at Geojit Financial Service

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Below the Quote on Weekly Market Outlook from Vinod Nair, Head of Research at Geojit Financial Service

"Indian markets overcame last week’s negative sentiments stirred by SEBI's deadline over FII's disclosure norms and recession fears in the US. Initial cautiousness among market participants was also influenced by a slew of macro-economic data points like US inflation & jobless claims, domestic inflation, and manufacturing data. Further, comments from the BoJ of a potential rate hike if inflation remains elevated also led to cushion in the air.

Despite volatility, DIIs and FIIs flows remained positive as a strong monsoon, and an expectation of an uptick in demand during festive season drove investor sentiment. US inflation eased marginally, and the job market continued to see a cooling off. Indian inflation largely remained steady, while July IIP saw an uptick. The market hit a new high as the rate-cut optimism globally (ECB & US Fed) has provided a positive impetus across the global markets.

Going ahead, market focus will be on the upcoming FOMC meeting next week, while domestic market direction will also be influenced by domestic corporate earnings, which are forecasted to improve in Q2 on a QoQ basis."

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Weekly Market Outlook from Vinod Nair, Head of Research at Geojit Financial Service

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