U.S. Fed Rate Decision, Q2 Results Seen Steering Sensex, Nifty This Week
U.S. Fed meeting on Wednesday and quarterly results of Indian Oil and Yes Bank, among others, are seen as market movers this week.
The U.S. Federal Reserve’s decision on interest rate and quarterly results will be the major driving factors for the equity market in this week, according to analysts.
The Bombay Stock Exchange and National Stock Exchange were closed on Monday on the occasion of ‘Diwali Balipratipada’.
“In a holiday-shortened week, investors will focus on next leg of corporate earnings,” said Vinod Nair, Head of Research, Geojit Financial Services. “Auto companies will be in focus as the sector will report a picture of how festive demand has fared in October. U.S. Fed is expected to keep its interest rates steady when they meet (Wednesday), based on the macro numbers.”
United Bank of India, Indian Oil Corporation Ltd., Bank of India and Yes Bank Ltd. are set to announce their second quarter results this week. Purchasing Managers Index data for the manufacturing sector is scheduled on Friday which may also influence trading, analysts added.
The trend in the Indian rupee, crude oil prices and investment pattern by overseas investors would guide markets, they said.
BSE benchmark Sensex rose 192 points to end at 39,250 on Sunday in the special Muhurat trading session to mark the beginning of Hindu Samvat year 2076.