By Malvika Gurung
Investing.com -- The domestic market opened the holiday-shortened week lower on Monday, tracking weak cues from Asian equities while oil prices surged almost 3.5%. Sell-offs across banking, financial, FMCG and auto stock exerted pressure, after witnessing a (last) turbulent week.
At the time of writing, benchmark indices Nifty50 tanked 0.84% and Sensex slid 0.8% or 459.66 points after falling for the third straight time last week and shed over 1%, cushioned by a stellar rally on Friday after the RBI’s 50 bps rate hike (in line with expectations) and a confident economic growth momentum going ahead.
This week will have lesser trading days as the market will remain closed on Wednesday on account of Dussehra. Further, India’s manufacturing PMI for September has fallen to a three-month low at 55.1 yet the overall level of positive sentiment was the highest in over 7.5 years output, new orders and production advanced despite multiple headwinds and zooming recession fears globally.
Here are some key triggers that will likely influence trading on Dalal Street in the week.
- India’s manufacturing PMI was released on Monday and services PMI is set to release on October 6. Further, bank loan and deposit growth will be out on Friday. The US manufacturing PMI , unemployment rate (Sept) and initial jobless claims will be released this week.
- OPEC+ will conduct a meeting on Wednesday and reports have suggested that the organization could cut crude output as oil prices tumbled over 11% in Sept, logging their worst month in almost a year.
- FIIs have engaged in withdrawing money from Indian markets, raising September’s outflow to over Rs 18,300 crore, dragging Sensex over 3.5% lower.
- The Indian rupee hit record lows in Sept, depreciating by 221 paise in the past 2.5 weeks amid rising bond yields and a dominating US Dollar . Currency movements will be tracked during the week.
- The leading electronics retailer Electronics Mart India will open its three-day IPO for subscription on Tuesday, with the price band set at Rs 56-59/share.
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