Indian Market Outlook for the week – 29.05.2017 to 02.06.2017
Indian Market Outlook for the week – 29.05.2017 to 02.06.2017
( www.rupeedesk.in )
May rise next week; Jan-Mar earnings in focus Local share indices are expected to rise next week, and we expect the Nifty 50 to test 9800-point mark in the nearto-medium term given the strong momentum in the market. Yesterday's strong movement reiterated our belief that the Nifty 50 might test 9800-point much faster than anticipated earlier. However, global cues and Jan-Mar earnings remain a key factor. Benchmark indices yesterday extended their gains, with the Nifty 50 briefly touching the psychologically important 9600-mark to end at a record closing level of 9595.10 points, up 85.35 points or 1% from its previous close. The S&P BSE Sensex index ended at 31028.21 points, up 278.18 points or 1%, the second straight record closing for the 30-stock index. The index also hit a lifetime high intraday. Cues from global markets will also affect the movement in the broader market. Market participants will keep an eye on the declining crude oil prices, after energy stocks dropped following the decision of the Organization of Petroleum Exporting Countries not to make deeper cuts in production. The OPEC and some non-OPEC producers, on Thursday, agreed to extend oil production cut for nine months more, but the 1.8-mln-barrel-per-day output cut disappointed the market. Crude oil prices plummeted the most in three weeks. Markets will also eye the Bank of Japan governor Haruhiko Kuroda's speech scheduled over the weekend. European Central Bank's President Mario Draghi is set to appear at the Committee on Economic and Affairs on Monday. Apart from global cues, robust Jan-Mar earnings are also going to bolster sentiment. With many companies yet to detail their Jan-Mar earnings, action is likely to remain stockspecific.
Source : Cogencis Information Services Ltd.
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Indian Market Outlook for the week – 29.05.2017 to 02.06.2017
( www.rupeedesk.in )
May rise next week; Jan-Mar earnings in focus Local share indices are expected to rise next week, and we expect the Nifty 50 to test 9800-point mark in the nearto-medium term given the strong momentum in the market. Yesterday's strong movement reiterated our belief that the Nifty 50 might test 9800-point much faster than anticipated earlier. However, global cues and Jan-Mar earnings remain a key factor. Benchmark indices yesterday extended their gains, with the Nifty 50 briefly touching the psychologically important 9600-mark to end at a record closing level of 9595.10 points, up 85.35 points or 1% from its previous close. The S&P BSE Sensex index ended at 31028.21 points, up 278.18 points or 1%, the second straight record closing for the 30-stock index. The index also hit a lifetime high intraday. Cues from global markets will also affect the movement in the broader market. Market participants will keep an eye on the declining crude oil prices, after energy stocks dropped following the decision of the Organization of Petroleum Exporting Countries not to make deeper cuts in production. The OPEC and some non-OPEC producers, on Thursday, agreed to extend oil production cut for nine months more, but the 1.8-mln-barrel-per-day output cut disappointed the market. Crude oil prices plummeted the most in three weeks. Markets will also eye the Bank of Japan governor Haruhiko Kuroda's speech scheduled over the weekend. European Central Bank's President Mario Draghi is set to appear at the Committee on Economic and Affairs on Monday. Apart from global cues, robust Jan-Mar earnings are also going to bolster sentiment. With many companies yet to detail their Jan-Mar earnings, action is likely to remain stockspecific.
Source : Cogencis Information Services Ltd.