As Indian markets ended the week on a weak tone, the benchmark equities next week are likely to be influenced by several factors. Market participants will be eyeing key macroeconomic data for January, starting with the Consumer Price Index (CPI), which will be released on Monday, February 13. Also, the Wholesale Price Index (WPI) data for January will be released on Tuesday, February 14. On the same day, the Society of Indian Automobile Manufacturers (SIAM) will present the total passenger vehicle sales figures. Market participants will also be looking for balance of payments data on February 15. Foreign exchange reserves data is going to be released on February 17.
Santosh Meena, Head of Research, Swastik Investmart Ltd said, “… volatility in crude oil, dollar index and US bond yields will be other important factors. Institutional flows will be important as FII selling eased after a sustained selloff in January.” Is.”
FII
Foreign institutional investors (FIIs) offloaded equities worth a net ₹144.73 crore last week. Markets will await key inflation data from the US this week India For clues on the rate hike trajectory of central banks.
main results
In the final leg of results season, several companies including Ahluwalia, Anjani Foods, Campus Active, FSN E-Co Nykaa, Hinduja Global, Kam Holdings, Ratnamani Metal, ICRA, SAIL, Adani are likely to report their quarterly results during the week Is. Enterprises, Apollo Hospitals, Biocon, Eicher Motors, Grasim, NMDC, ONGC, Siemens, Nestle, Bosch, PI Industries, Uflex and Zee Media.
microeconomic data
Retail inflation data for both the US and India are due to be announced on Tuesday. Last week, the Reserve Bank of India (RBI) raised the key benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The RBI’s monetary policy committee (MPC) meeting, in line with market expectations, raised rates marginally, which was positively received by investors. He has taken a more optimistic view on domestic growth by raising the GDP forecast while cautiously keeping CPI inflation at 5.3 per cent for FY2024.”
US market data: On the global front, investors will be eyeing some economic data from the world’s largest economy, United States (US), starting with inflation rate on February 14, Redbook followed by API crude oil stock change, Retail Sales, Industrial Production on Feb 15, Initial Jobless Claims, Jobless Claims 4-Week Average, EIA Natural Gas Stock Changes on Feb 16, and Export and Import Prices, Baker Hughes Total Rig Count on Feb 17.
Nifty Technical Outlook
Nagaraj Shetty, Technical Research Analyst, HDFC Securities, said the consolidation movement continued in the market for the second consecutive session on Friday. smelly The day closed down 36 points. “After opening on a negative note, Nifty further slipped into weakness in the early part of the trade. Later it moved in a range bound range of 17800-17870 which remained till the end.
“A short range candle was formed on the daily chart with short upper and lower shadows. Technically, this pattern signals the formation of a doji-type candlestick pattern. But, once this pattern is formed in the middle of a range movement, the predictive value of this doji may decrease. After the sharp jump on 8th February, the market has been consolidating in the last few sessions and could be a part of the range movement. Nifty may break out of bullish pattern in near future. The immediate support lies at 17,760 and the next resistance is to be seen around 18,000 levels.”
Rupee
said Anindya Banerjee, vice-president, currency derivatives and interest rate derivatives at Kotak Securities. USDINR spot closed down by 1 paise at 82.50 on another day of weak trading. Markets remain range bound due to lack of fresh triggers. In the next week, we may see USDINR trading in the range of 82.30 and 82.80 on spot.”
On Friday, the Nifty 50 and BSE Sensex indices closed at 17,856.50 and 60,682.70. Among sectoral indices, energy and metal packs continued to slide, while profit-booking in select FMCG and auto majors also weighed on the sentiment.
Whereas, buying in IT and financials along with recovery in realty and pharma counters limited the losses and kept traders busy. Meanwhile, the broader indices outperformed the benchmarks and posted gains in the range of 1-2 per cent on Friday.
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