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New Delhi. The last week was a loss-making week for the stock market. At the same time, according to analysts, the direction of the stock markets in the week starting from October 7 will be decided by the RBI's decision on interest rates, tensions in West Asia, and the activities of foreign portfolio investors (FPI). Apart from this, the quarterly results of IT sector giant Tata Consultancy Services (TCS), domestic macroeconomic data, and Brent crude oil prices will also give direction to the market.
Last week, the stock market fell sharply due to the escalation of tensions in West Asia and the withdrawal of foreign funds. Pravesh Gaur, Senior Technical Analyst, Swastika Investment Ltd, said, "On the domestic front, all eyes will be on the RBI MPC meeting. The MPC meeting will begin on October 7. The results of the 3-day meeting will be announced on Wednesday, October 9."
Quarterly results will start coming.
Gaur said that the session of the second quarter results of companies is starting with TCS. He said that the liquidity situation remains strong on the domestic front. In such a situation, cash flow from sectors with higher valuations can be towards sectors with attractive valuations. Apart from this, commodity prices, the US dollar index, and important macro data of America will also be important for the market.
Investors lost Rs 16.26 lakh crore in 5 days.
Last week, the BSE Sensex comprising 30 stocks fell by 3,883.4 points or 4.53 percent. On the other hand, the National Stock Exchange's Nifty lost 1,164.35 points or 4.44 percent. Amidst the huge fall in the stock market, investors' capital decreased by Rs 16.26 lakh crore in 5 days.
Investors will keep an eye on these data.
Palka Arora Chopra, Director, Master Capital Services Limited, said, "The market trend will depend on major domestic and global economic data. RBI's decision on interest rates is to come during the week. Apart from this, industrial production data will also come. Along with this, details of the meeting of the Federal Open Market Committee (FOMC) in America, unemployment data, and US GDP data are also to come.
RBI MPC will also be watched
Ajit Mishra, Senior Vice President (Research), at Religare Broking Limited, said, "Investors will keep an eye on geo-political developments and their impact on crude oil prices. Apart from the flow of foreign funds, domestic flow will also be important for the market. On the domestic front, all eyes are on the MPC meeting. The results of this meeting will be announced on October 9.
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