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Macro-data, global cues to drive equity markets (Market Outlook)
By Rohit Vaid
Mumbai, Sep 10 (IANS) Macro-economic data points and the direction of foreign funds’ flow are expected to influence sentiments of investors and set the tone for the Indian equity markets in the upcoming week, feel senior analysts.
Other important factors such as the geo-political situation in the Korean peninsula, rupee’s movement and government’s measures to tackle the non-performing assets (NPAs) will also have a major bearing on the stock markets.
Market observers pointed out that investors would take cues from the upcoming macro-economic inflation and industrial production data points.
The Central Statistics Office (CSO) will release the IIP (Index of Industrial Production) and CPI (Consumer Price Index) data points on September 12, Tuesday.
The CPI numbers will be followed by that of foreign trade figures and the release of WPI (Wholesale Price Index) data on September 14.
“Next week is going to be data heavy with the release of CPI, IIP and WPI. These are expected to have a major impact on the markets,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“These macro-economic data points will also be viewed keeping an eye out on the earnings growth.”
Besides the macro-economic data, geo-political developments and a slowdown in domestic investment flows are likely to make investors nervous.
“Global geo-political development, especially the one taking place in the Korean peninsula, will be keenly followed by the investors,” Devendra Nevgi, the Zyfin Advisors Chief Executive, said.
“After large outflows of foreign funds, even domestic funds slowed down last week. This trend needs to be tracked as high prices, which are based mostly on PE expansion, might not sustain on such levels with a slowdown in domestic flows,” Nevgi explained.
Provisional figures from the stock exchanges showed that DIIs (domestic institutional investors) bought scrips worth Rs 1,210.12 crore last week. But, foreign institutional investors (FIIs) continued with their selling spree and off-loaded stocks worth Rs 3,426.51 crore.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 3,409.13 crore, or $531 million, during September 4-8.
In addition to investments, Indian currency’s movement against the US dollar would be closely watched by investors. The Indian rupee strengthened by 23 paise on a week-on-week basis to close at 63.79 to a US dollar from its previous week’s close of 64.02-03.
“A strong macro story and positive risk environment will continue to favour rupee. We expect a range of 63.70 to 64.20 over the near-term on spot,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.
On technical levels, the NSE Nifty is in a consolidation phase in a range of 9,861-9,983 points, according to Deepak Jasani, Head – Retail Research, HDFC Securities.
“Further directional cues are likely to emerge on a move beyond this range,” Jasani said.
Last week, global cues and sustained outflow of foreign funds dragged the key equity indices in the red after three consecutive weeks of gains.
Consequently, the 30-scrip Sensitive Index (Sensex) of the BSE declined by 204.71 points or 0.64 per cent to 31,687.52 points from its previous week’s close.
Similarly, the NSE Nifty50 closed at 9,934.80 points, down 39.6 points or 0.4 per cent.
(Rohit Vaid can be contacted at [email protected])
–IANS
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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.
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