Movement of the rupee against the dollar and crude oil prices will remain in focus.
Trading activity of foreign portfolio investors (FPIs) will also influence the market this week.
The Reserve Bank of India’s interest rate decision, domestic macroeconomic data and global trends will dictate equity market conditions this week, analysts said.
Business activities of foreign portfolio investors (FPIs) will also affect the market, they added.
“Indian markets will closely monitor the Reserve Bank of India’s Monetary Policy Committee (MPC) meeting scheduled for June 6-8, 2023. Besides, market participants will keep an eye on the progress of monsoon,” said Pravesh Gaur, Senior Technical Analyst, Swastika Investmart Ltd. .
Also read: RBI may keep interest rate on hold as inflation heads south: experts
Gaur also said that movement of the rupee against the dollar and crude oil prices will remain in focus.
“These factors will be closely monitored, as they have the potential to influence market sentiment. Additionally, macroeconomic indicators will play an important role in shaping market sentiment in the near term,” Gaur said.
Domestic investors will track Purchasing Managers’ Index (PMI) data for the services sector, which will be announced on Monday.
Srikant Chauhan, Head of Equities Research (Retail), Kotak Securities Ltd, said domestic market participants will be keeping an eye on the upcoming Reserve Bank of India (RBI) policy meet and the progress of the monsoon.
Last week, the BSE benchmark gained 45.42 points or 0.07 percent and the Nifty rose 34.75 points or 0.18 percent.
“This week is shaping up to be an eventful one as we set the outcome of the MPC’s monetary policy meeting on June 8. Before that, on the macroeconomic front, the S&P Global Services PMI on June 5 will also be on participants’ radar for signals,” Ajit Mishra, SVP – Technical Research, Religare Broking Limited, said.
The 30-share BSE Sensex settled up 118.57 points, or 0.19 percent, at 62,547.11 on Friday. The Nifty ended up 46.35 points, or 0.25 percent, at 18,534.10.
“As we enter a new month, investors are anticipating the release of data points such as PMI and US payroll data in addition to the outcome of the central bank’s monetary policy meeting,” said Vinod Nair, head of research at Geojit Financial Services. .
Contrary to global trends, domestic indices favor bullish sentiment, Nair said.
“The release of domestic GDP data, beating expectations, and strong Q4 earnings bolstered the domestic market’s growth prospects. Additionally, auto sales for May showed a gradual recovery, boosting sentiment across the sector,” he added.
(This story was not edited by News18 staff and appears from a syndicated news agency feed – PTI)
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