Investors will closely watch various triggers in the upcoming week, including ongoing Q3FY24 results, the Interim Budget 2024, the US Federal Reserve policy verdict, foreign capital inflow, and other domestic and global cues. The past week saw Nifty 50 and Sensex facing their worst performance since October 27, primarily driven by weakness in the banking sector, leading to a second consecutive week of losses. The foreign funds’ selling activity, totaling ₹34,766 crore over six sessions, contributed to a three percent decline in Nifty 50. The upcoming week is marked by a busy primary market with several new IPOs and listings scheduled. Analysts expect volatility due to the ongoing earnings season and the Interim Budget presentation on February 1. Despite market consolidation, a stock-specific approach may persist.
Key triggers for the Stock Market
The Interim Budget announcement on February 1, where Finance Minister Nirmala Sitharaman is expected to focus on fiscal consolidation without significant policy changes. The ongoing Q3FY24 earnings season will impact market movement, with major companies like Adani Enterprises, BPCL, SBI, Adani Green Energy, Tata Motors, Maruti Suzuki, NTPC, and Dabur set to announce their results. Additionally, six new IPOs and ten listings are scheduled, adding to market activity. Foreign institutional investors (FIIs) turned net sellers, divesting ₹12,194.38 crore, while domestic institutional investors bought ₹9,701.46 crore. The global cues, including the US Federal Reserve and Bank of England policy verdicts, will influence the global interest rate trajectory. Oil prices have risen, driven by positive US economic growth and Chinese stimulus, impacting global demand expectations. Corporate actions, including ex-dividend and ex-bonus trading, will also be in focus.
In summary, investors are bracing for a dynamic week with a mix of domestic and global factors influencing market movements, including corporate results, budget announcements, and geopolitical events.
