New Delhi: In the absence of any major activities this week on the domestic front, further moves in the stock market will depend on global trends.
This week, which has a limited business day due to holidays, may also reflect the impact of news related to the corona virus on the market sentiment.
The stock markets will remain closed on Friday on the occasion of Mahashivaratri. In this way, business will take place for four days.
Siddharth Khemka, head (retail research), Motilal Oswal Financial Services Ltd said, “Going forward, the market will remain in a limited range in the absence of any major developments on the domestic front.”
They will keep a close watch on the developments related to Corona virus and there will be pressure on the market in the short term.
Santosh Meena, senior analyst at TradingBales, said, “The corona virus is still affected in global markets and may persist this week as well.
The third quarter results are almost over, so the global markets will have a major impact on the Indian markets.
On the global front, all eyes will be on the details of the Federal Open Market Committee (FOMC) meeting. It will come on Thursday.
The Sensex saw a gain of 115.89 points or 0.28 percent in the previous week. However, the market closed down on Friday.
Banking stocks came under pressure after the Supreme Court on Friday slammed the telecom companies for not paying the statutory dues of Rs 1.47 lakh crore. This pressure was especially seen on the stocks which have given loans to these companies.
Apart from this, the market will also be watching the fluctuations in rupee and crude oil prices.
