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New Delhi. The stock market declined last week. The BSE Sensex of 30 shares fell by 156.61 points or 0.19 percent. The National Stock Exchange's Nifty fell by 110.2 points or 0.44 percent. The direction of the local stock markets will be decided by the quarterly results of companies, global trade, and the activities of foreign investors in the week starting from October 21. Analysts expressed this opinion and said that the market may see fluctuations during the week.
Pravesh Gaur, Senior Technical Analyst, Swastika Investment Ltd. said that everyone will be eyeing the second quarter results of the companies. Apart from this, the geo-political risk is expected to increase due to increasing tension between Israel and Iran, which may lead to a rise in crude oil prices and fluctuations can be seen in the market. Foreign Institutional Investors (FII) have been playing an important role in the performance of the Indian market till now. Their trend will depend on global economic conditions and domestic political developments.
Companies' quarterly results will be on watch.
Religare Broking Ltd. Senior Vice President Ajit Mishra said, "In the absence of any major indicator, market participants will keep an eye on the quarterly results of companies. First of all, they will react to the results of big banks like HDFC Bank and Kotak Bank. After this, companies like ITC, Hindustan Unilever, Bharat Petroleum Corporation Ltd. (BPCL), Hindustan Petroleum Corporation Ltd. (HPCL), and UltraTech Cement will also announce their quarterly results."
Investors are being cautious.
Apart from this, quarterly results of Bajaj Housing Finance, Adani Green Energy, Bajaj Finance, One97 Communications, Zomato, Bajaj Finserv, and Bank of Baroda will also come during the week. Prashant Tapase, Senior VP (Research), Mehta Equities Limited, said, "Investors are being cautious due to geo-political uncertainty, the slowdown in the Chinese economy, and continuous withdrawal of FIIs from the domestic markets. Last week, the domestic market declined due to the shortlyheavy withdrawal of foreign funds.
FIIs expected to sell
VK Vijayakumar, chief investment strategist at Geojit Financial Services, said, “The trend of FIIs selling and DIIs buying is likely to continue in the near future. The reason for FIIs selling is higher valuations in India and cheaper valuations of Chinese stocks.”
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