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Market course to depend on Gujarat poll cues, macro data

Monday, December 11, 2017

Domestic stock market will look up to a range of factors like Gujarat polls, industrial production and inflation numbers as well as automobile sales data to decide its course this week, according to experts.

With the voting for 89 seats in the first phase of the assembly elections in Gujarat over on December 9, the market will be waiting for the second round of polling in 93 constituencies to be held on December 14.

The counting of votes will take place on December 18. Geojit Financial Services Chief Market Strategist Anand James said, "... Investors would also prefer clarity from Gujarat elections before strengthening their bets."

Among others, the announcement of automobile sales data by the Society of Indian Automobile Manufacturers (SIAM) would be in focus. According to Epic Research CEO Mustafa Nadeem, automobile space will continue to perform well as the year-end sale will increase the sales and further news of hike in prices in the coming month will improve the margins.

Besides, the industrial output data and inflation numbers will set the tone for the domestic equities during the week.

"India's industrial production which was at 3.8% and manufacturing production which was at 3.4% will be released and crucial to watch as the revival seen in numbers need to be maintained or it was a one-off event.

"Inflation which was at 3.59%, highest in last few months but around comfortable levels will also be eyed," Nadeem said.

“Global markets will keenly await US FED commentary on interest and inflation outlook. Although it is now certain that interest rate will be raised by 0.25bps this time. Any hawkish outlook on the inflation front can cause a worldwide selloff in equities and commodities alike, said Jimeet Modi, Founder & CEO, SAMCO Securities.

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