Global cues, progress of the monsoon and Covid updates are some of the key factors to guide the domestic stock market in the coming week. Besides, the movement of rupee against the dollar and crude oil prices, trend in global stock markets will dictate trend on the bourses in the near term. Investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) will also be monitored.
The key thing to watch out for in the near future would be the US bond yields because any rise in yields can take out the FII money from developing countries like India to western markets and could also be a risk for emerging markets currencies. The Dollar Index, which measures the US currency against a basket of six peers, will also be closely watched.
On the coronavirus front, investors will watch out for government’s course of action along with progress on vaccination drive. Besides, as new Covid cases have seen a considerable decline, all eyes would be on state governments for further easing of the restrictions.
Progress of monsoon will be closely watched. The Indian Meteorological Department (IMD) has predicted a normal monsoon in most parts of the country in June. As per the weather department, the country is likely to experience 101% rainfall during the monsoon season. The IMD will issue the forecast for the July rainfall in the last week of June 2021.
Overseas, China will announce Loan Prime Rate for 1 year and 5 years on 21 June 2021. The US Markit Manufacturing PMI flash for June will be declared on 23 June 2021. The United States Durable Goods Orders for May will be announced on 24 June 2021. The Euro Area Markit Manufacturing PMI flash for June will be declared on 23 June 2021.
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