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Japan’s Nikkei rallied ahead on Monday morning, while the MSCI’s broadest index of Asia-Pacific shares outside Japan also logged gains in the day.
In the last trading session on Friday, both equity benchmarks, Sensex and Nifty, closed the day on a flat note amidst volatility. The S&P BSE Sensex hit a fresh peak of 75,636.5 in intraday and settled at 75,410, inching down by 8 points. The NSE Nifty50 ended trading at 22,957, slipping 11 points after breaching the 23,000 mark in the day.
Vinod Nair, Head of Research, Geojit Financial Services, commented on the market outlook and said, “The domestic market is reaching new highs, with largecaps playing second fiddle to the broader market rally, indicating sustained momentum in the short-term.”
Markets will also keenly observe macroeconomic data set to be released this week. Domestically, investors will clock the GDP growth rate figures for June to be revealed on Friday.
The fourth quarter earnings season nears its end and the major results expected in the week include Life Insurance Corporation of India, NMDC, Parle Industries, Aditya Birla Fashion & Retail, General Insurance Corporation of India, IRCTC – Indian Railway Catering & Tourism Corp, and MMTC, among others.
Globally, the US and Japan will also see the release of some macroeconomic indicators in the week.
Sharing an outlook, Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd, said, “The monthly derivatives expiry on Thursday may also fuel volatility in markets. We have reached the final curtain for the Q4 earnings season. Many companies, including names like Tata Steel, will release their financial results this week. Positive earnings from the final quarter could provide strength to the market to continue its bullish momentum. We are very close to the Lok Sabha election results, and the election verdict will give a boost to FII flows.”