Election results, macro data to drive market sentiment this week: Analysts

Market

Domestic equity market movement in the coming week will largely depend on how participants react to Bihar election outcome, macroeconomic data release and global political developments, analysts said.

Counting of votes for the three-phase Bihar assembly polls, which ended on Saturday, will be held on November 10.

“Exit polls indicate the possibility of hung assembly in Bihar. This is bit sentimental negative for the markets,” said Hemang Jani, Head – Equity Strategist, Motilal Oswal Financial Services Ltd.

In the US, Democrat Joe Biden has defeated incumbent President Donald Trump in the bitterly-fought presidential election.

Most market participants are hoping the Biden regime would spell good news for Indian companies, especially IT, and domestic financial markets.

Coming back to domestic factors, investors will also focus on industrial production and inflation data, scheduled to be announced on Thursday.

On quarterly earnings front, Hindalco Industries, Hindustan Copper, IDFC, Mahindra & Mahindra and NMDC will announce their results this week.

Others like Aurobindo Pharma, Eicher Motors, Grasim, Gail, IGL and ONGC will also announce their results.

Last week, the BSE benchmark Sensex had soared 2,278.99 points or 5.75 per cent.

Besides, market will also follow the COVID-19 cases trend in the country and worldwide.

“Major events for this week include India”s IIP and CPI. Beside this, investors will keep a close eye on corporate earnings and coronavirus situation in developed countries,” Sumeet Bagadia, Executive Director, Choice Broking said.

Rupee-dollar trend would also be monitored by investors.

Written by Rakesh Sashmal