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Market Outlook: PMI Data, Budget Announcements, and Auto Sales Key Drivers This Week

Rajeshwari R by Rajeshwari R
June 30, 2024
in Business
Reading Time: 2 mins read
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Market Outlook: PMI Data, Budget Announcements, and Auto Sales Key Drivers This Week

Market Outlook: PMI Data, Budget Announcements, and Auto Sales Key Drivers This Week

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Indian Equity Indices Close with Gains Despite Mixed Global Cues

Mumbai: Indian equity indices ended the week with gains, despite mixed signals from global markets. Both the Sensex and Nifty indices posted gains exceeding 2 percent, marking their fourth consecutive week of growth.

The market outlook will be influenced by significant domestic and global economic data, including domestic vehicle sales figures from automobile companies, US and Indian PMI data, the Federal Reserve chair’s speech, potential budget or government policy announcements, foreign fund inflows, and crude oil prices.

Experts suggest that the market’s focus this week may shift towards companies in the cement and telecom sectors. The cement sector could see consolidation following UltraTech’s acquisition of a non-controlling stake in India Cement. Meanwhile, increased tariffs by telecom companies are expected to impact their profitability.

Arvinder Singh Nanda, Senior Vice President of Master Capital Services, commented, “On the weekly chart, the index has formed a significant bullish candle that completely engulfs the previous week’s candle and closed above its high, indicating a bullish trend.”

Nanda further explained, “If Nifty surpasses and holds above 24,200, it could attract buying interest, pushing the index towards levels of 24,500 – 24,700. Conversely, a drop below 23,800 could lead to selling pressure, potentially driving the index towards 23,600 – 23,400 levels. For the upcoming week, we anticipate Nifty to trade within the range of 24,600 – 23,600 with a positive bias.”

In the most recent session, Indian equity benchmarks ended lower due to profit booking at higher levels. The Sensex closed at 79,032, down 210 points or 0.27 percent, while the Nifty fell by 33 points or 0.14 percent to 24,010.

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