INSUBCONTINENT EXCLUSIVE:
fireworks on Dalal Street
A jump in the rupee and drop in crude oil prices soothed the nerves of traders and investors in the last session of the week, which
triggered all-round buying and offered the bulls a booster doze to help regain control of the market
The BSE Sensex surged 356 points, or 1.04 per cent, for the week to settle at 34,733, while the NSE Nifty50 gained 156 points, or 1.51 per
The rupee, US dollar, bond yields and oil were the major factors swaying market mood through the week.
They will continue to dominate
proceeding through the coming week, which will be a truncated one as Thursday is a trading holiday for equities, commodities and forex
markets on account of Dussehra
be in its full swing next week as some of the top names such as Reliance Industries, IndusInd Bank, Hero MotoCorp, Infosys, Indiabulls
Housing Finance, ACC and Ultratech Cement will disclose their second quarterly numbers
Upbeat numbers from these heavyweights will induce positive sentiment in the market.
Rupee, crude to remain in limelightThe rupee hit a
fresh record low of 74.48 against the US currency last week, but rebounded smartly to log its biggest one-day gain in 29 months, by rising
55 paise to close at 73.57 to the dollar
If the rupee rises further, it will not be less than a blessing, considering how its movement has hurt stocks over the past few weeks
Brent crude closed 17 cents higher at $80.43 on Friday
world oil demand growth this year and the next
This might help ease the oil counter quite a bit before US sanctions on Iran come into force on November 4
Domestic macros to be key driverThe market will closely watch the inflation data based on wholesale price index (WPI) for September
The retail inflation data, known as CPI, for September was less than projected but industrial production (IIP) print for August frustrated
as it slipped to a three-month low of 4.3 per cent
Global macros to watchJapan will release its August industrial production numbers on Monday
On the same day, the US will announce its sales data for September
China will reveal its September CPI numbers while the US will announce September industrial production figures on Tuesday
On Friday, China will disclose industrial production numbers for September and GDP numbers for third quarter
All eyes on FOMC minutesThe Federal Open Market Committee (FOMC) will release the minutes of its September 25-26 policy meeting, which
should have cues to future rate decisions
In the last policy meet, the Fed raised interest rates by 25 basis points and signalled another hike in December and three more in 2019
followup buying next week
The hourly momentum indicator is in the buy mode with a positive divergence; hence the probability of an upside is quite high
The index has violated the formation of lower tops and lower bottoms
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