Top News
Equity markets to take cues from macro data, global developments this week (Market Outlook)
By Porisma P. Gogoi
Mumbai, March 11 (IANS) The Indian stock markets during the upcoming week are expected to take directions from domestic macro-economic data points slated to be released from March 12 onwards.
Apart from the data, developments on the global trade front, along with the direction of foreign funds, will also determine the course of key Indian equity indices, said market observers.
“Market participants will keep a close eye on domestic macro-economic data releases. The government will announce inflation data based on consumer price index (CPI) for February and industrial production data (Index of Industrial Production, IIP) for January on March 12,” D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, told IANS.
“Besides, global macro-economic data, developments in the Budget session of Parliament, trends in global markets, investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) will continue to dictate the trend on the bourses next week,” he said.
During March 5-9, figures from the National Securities Depository (NSDL) revealed that FPIs invested in equities worth Rs 1,384.36 crore, or $212.98 million.
Provisional figures from the stock exchanges showed that foreign institutional investors (FIIs) sold-off scrips worth Rs 280.74 crore, while DIIs purchased scrips worth Rs 131.07 crore during last week.
On technical levels, if the NSE Nifty50 trades and closes above the 10,288-level in the upcoming week, then it is likely to test 10,375 to 10,463-10,565 levels, as per Arpit Jain, Assistant Vice President at Arihant Capital Markets.
“However, if the Nifty trades and closes below 10,165 level, then it can test 10,077 to 9,990-9,888 levels,” Jain told IANS.
“Broadly, the weekly trend is down, hence at higher levels, we are likely to witness selling pressure,” he added.
Last week, the Indian equity markets were engulfed by bears as global trade war fears following US President Donald Trump’s proposal to impose tariff on import of metals, along with the turmoil in the domestic banking sector, continued to erode the risk-taking appetite of investors.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE shed 739.8 points or 2.17 per cent to close at 33,307.14 points.
The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,226.85 points — down 231.5 points or 2.21 per cent from its previous week’s close.
“With global uncertainty over the US trade war and its reaction, all eyes are also on the proposed meeting of North Korean Leader Kim Jong Un and President Trump in the coming months,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
According to Vinod Nair, Head Of Research at Geojit Financial Services, absence of major triggers to maintain the upward trend is keeping investors on the sidelines.
“Though the long-term outlook for the domestic economy continues to be strong, issues like global trade headwinds, NPA (non-performing assets) issues and US Federal Reserve’s rate-hike trajectory are adding volatility to the market,” said Nair.
“Market participants are cautiously awaiting the CPI and IIP data next week. Inflation is expected to come down to 4.74 per cent in February which will ease bond yield in the near term. IIP is expected to show some moderation,” he added.
(Porisma P. Gogoi can be contacted at [email protected] )
–IANS
ppg/ag/vm
Top News
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
