No big figures are going to come this week on the domestic front.
The market will depend on global factors and foreign investment.
Settlement of monthly derivative contracts will also play a role in this
New Delhi. The direction of local stock markets will be determined this week by the global trend and the flow of foreign portfolio investors (FPIs). Expressing this opinion, analysts said that no big data is to come on the domestic front this week. He said that apart from this, due to the settlement of monthly derivative contracts, there can be fluctuations in the market. Siddharth Khemka, head of retail research at Motilal Oswal Financial Services, said that the details of the Federal Open Market Committee (FOMC) meeting will be released this week, which will give further direction to the market.
Ajit Mishra, Vice President (Research), Religare Broking Ltd., said that in the absence of any major developments on the domestic front, the direction of the local market will be determined by the global trend, crude oil prices and currency movements. He has also predicted movement in the market by settlement of monthly derivative contracts for November. Pravesh Gaur, senior technical analyst at Swastika Investmart, said that there is a high possibility that the market will go up now. However, he also said that there is widespread profit booking in the market. According to Gaur, inflow of institutional investors will be significant, it has decreased since last few sessions.
The market was in loss last week
The 30-share BSE Sensex ended with a loss of 131.56 points or 0.21 per cent. At the same time, the Nifty declined by 42.05 points or 0.22 percent. Last week, there was some weakness in the global markets as well. The market capitalization (market cap) of eight of the top 10 Sensex companies increased by Rs 42,173.42 crore last week. ICICI Bank and Infosys were the biggest gainers. The market capitalization of ICICI Bank rose by Rs 9,706.86 crore to Rs 6,41,898.91 crore. At the same time, the market valuation of Infosys increased by Rs 9,614.89 crore and stood at Rs 6,70,264.99 crore.
Foreign investors put in 30,000 crores
The process of aggressive buying of foreign portfolio investors (FPIs) in the Indian stock markets continues. He has invested Rs 30,385 crore in stocks so far in November. Foreign investors are once again betting on India due to the stability of the Indian rupee and the domestic economy being strong compared to other economies of the world.
FIRST PUBLISHED : November 20, 2022, 14:35 IST