Weekly market outlook : However, the market found some support from strong domestic PMI data Says Vinod Nair, Geojit Financial Services.
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Below the weekly market outlook from Vinod Nair, Head of Research at Geojit Financial Services.
"The rising US bond yields and a stronger dollar index have deterred foreign investors, causing weakness in the market. Additionally, robust job data from the US this week has raised concerns about a potential rate hike by the Fed, with the surge in US bond yields indicating an impending increase in interest rates. The RBI's hawkish stance, particularly in its management of liquidity to counter inflationary risks, has further impacted the market, leading to an increase in India's 10-year bond yield. However, the market found some support from strong domestic PMI data and corrections in crude oil prices, which have helped it overcome the weak trend observed in the previous three weeks. The auto sector struggled this week due to mixed monthly data. Investors will closely monitor the release of U.S. non-farm payroll data, which could significantly influence the interest rate outlook. Additionally, attention will focus on quarterly results from the IT and banking sectors starting next week."
Above views are of the author and not of the website kindly read disclaimer
