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Healing economy expected to keep markets high
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SME Times News Bureau | 21 Nov, 2020
Economic recovery along with hopes of a Covid-19 vaccine will keep domestic stock markets high during the upcoming trade week.
Analysts
opined that markets are likely to oscillate between renewed fears of
rising covid cases globally and optimism over vaccine development.
Besides, profit booking as well as expensive propositions might dampen sentiments.
Nevertheless,
upcoming Q2FY21 GDP figures combined with sales push during the festive
season is expected to arrest any major downslide movement.
"Going
ahead, the market is likely to be volatile as sentiments oscillate
between fear of rising covid cases globally and optimism over vaccine
progress," said Siddhartha Khemka, Head of Retail Research, Motilal
Oswal Financial Services.
"Investors would closely watch out the
development over the US stimulus talks where the hopes are fading.
However the overall structure of the market remains positive, as the
economic activity continues to improve and Covid cases continue to
decline domestically, except few regions."
Besides, market
observers pointed out that healthy fund inflows and expected positive
macro economic data points will buoy sentiments.
As per estimates, more than Rs 25,000 crore have flown into the country's stock markets till now during November.
"Nifty
ended the week with gains of 0.6 per cent, the smallest gain in the
past three weeks. This reflects the conflicting state of markets after
showing continuous upward movement since late September," said Deepak
Jasani- Head of Retail Research at HDFC Securities.
"The fact
that market manages to turn upwards on an intra day or overnight basis
after dipping is heartening, keeping hopes of some more upmove alive."
"In terms of Nifty 12,963 and later 13,250 remains a resistance while 12,730 remains a support."
According
to Joseph Thomas, Head of Research - Emkay Wealth Management: "The
prospects of more money coming in from foreign institutional investors
and a relatively better macro-economic scenario should help the markets
in the coming days though the possibility of some profit-taking cannot
be entirely ruled out."
Last week, Indian equity markets extended
their gaining streak, as investors bet on a faster return to economic
growth following upbeat news on a Covid-19 vaccine.
However, some
profit booking was also seen in between as global cues were mixed
amidst the US Treasury's decision to end all the emergency loan
programmes, while new shutdowns were being implemented in major US
cities post the sharp rise in Covid cases again.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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