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Global cues, macro data to steer markets this week

Monday, March 11, 2019

This week the market will take cues from CPI, WPI data from Indian Statics and on the International Front investors will watch out for US Retail sales on Monday and China Markets’ Industrial Production, say experts.

Last week The Nifty 50 rose 171.90 points, or 1.58%, at 11,035.40, while the BSE Sensex gained 607.62 points or 1.68%.The Nifty 50 index managed to close above 11,000 for the first time since September 2018.

The growing prospects of the NDA government returning to power in the upcoming general elections and improving the outlook for banks in the wake of remarkable improvement in asset quality recorded in the December 2018 quarter saw renewed buying interest in the Indian equity market. During the week, foreign institutional investors (FIIs) has bought equities worth Rs 4,115.61 crore, while on the other hand domestic institutions investors (DIIs) sold Rs 1,693.75 crore worth of equities.

This week February consumer price inflation and the Jan IIP data will be released on March 12, while Feb WPI inflation data is scheduled to be released on March 14, followed by the trade balance data on March 15, 2019.

Coming week market will watch CPI, WPI data from Indian Statics.  On the International Front we watch out for US Retail sales on Monday and China Markets’ Industrial Production. The Indian equity market is likely to remain slightly positive on account of steady inflow by foreign investors. However global front combined with election event are likely to keep index volatile, said Debabrata Bhattacharjee, Head of Research, CapitalAim.

Market is mesmerized in the hope that the ruling Government has increased its chances of forming a strong Government and expectations of a coalition Government are receding, said Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote.

Investors are advised to stay on the sidelines and keep ready a war chest of money to be invested in good quality small and midcap shares after a correction. Also, allocation to frontline stocks should be made at or around the election month for building a portfolio at reasonable valuations, Modi added.

Echoing similar sentiments, Jayant Manglik, President - Retail Distribution, Religare Broking Ltd., said, “We reiterate our positive yet cautious view on markets and suggest keeping close watch on global cues for next trigger. Also, we suggest focusing more on trade selection and position management aspects. Nifty needs decisive break above 11,100 for further surge while 10,900-10,950 zone would act as cushion in case of any dip.”

On a weekly basis, the rupee rose over 1% (up 76 paise) to end at 70.15 on March 8 against March 1 closing of 70.91. This is the biggest rise against the US dollar since the week ended December 21.
 

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