global trends And the activities of foreign institutional investors (FIIs) will decide the direction of local stock markets this week. Analysts have expressed this opinion. Apart from this, the market will also react to the results of the Maharashtra and Jharkhand assembly elections on Monday. On Friday last week, Sensex and Nifty saw a sharp rise after several weeks of decline. On that day, Sensex and Nifty posted their biggest single-day gains in five months. On Friday, the 30-share BSE Sensex rose 1,961.32 points or 2.54 per cent to 79,117.11. At the same time, Nifty of the National Stock Exchange stood at the level of 23,907.25 points with a gain of 557.35 points or 2.39 per cent.
pressure on the rupee
Swastika Investmart Ltd. Santosh Meena, Head of Research, said: “On the domestic front, the results of the Maharashtra and Jharkhand elections are important for the direction of the market. Especially in Maharashtra, where the National Democratic Alliance (NDA) recorded a unilateral victory. However, global factors will continue to pose risks to the market. Rising tension between Russia and Ukraine and rising crude oil prices have raised concerns about inflation. Meena said the strengthening US dollar index and rising US bond yields are putting pressure on the rupee, which foreign institutional investors are facing. pressure on rupee There are record investor withdrawals (FII).
FII entry is important
He said the entry of FII will be important for the direction of the market. The ruling Mahayuti alliance and the Indian alliance in Jharkhand have retained their power in the Maharashtra elections. Analysts say global crude oil prices and fluctuations between the rupee and the dollar will also affect the market. Meena said that globally, US Gross Domestic Product (GDP) data and Federal Open Market Committee (FOMC) meeting details will also play an important role in guiding investor sentiment.
The election results are positive for the market
Master Capital Services Ltd. Palka Arora Chopra, Director, said the Maharashtra election results are overall positive for Indian stock markets. This will especially benefit sectors related to infrastructure development. Religare Broking Ltd. Ajit Mishra, Senior Vice President (Research), said, “Macroeconomic indicators including GDP will be important for the market. “Market participants will be keeping an eye on FII flows, especially considering their sales of late.”
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