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The movement of the rupee against the dollar and crude oil prices, the movement in global stock markets will dictate trend on the bourses in the near term
The Reserve Bank of India’s (RBI) monetary policy committee (MPC) will announce its interest rate decision on Friday, 4 June 2021. Besides, local, global macroeconomic data, earnings, auto sales figures, Covid updates and global cues are some of the key factors to guide stock market in the coming week.
The movement of the rupee against the dollar and crude oil prices, the movement 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 be monitored.
Key factors
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 would continuously watch out government’s course of action along with progress on the vaccination drive. Going forward, the likely announcement of phased withdrawal of state-level lockdowns may influence market direction.
Auto stocks will be in focus as auto companies will start announcing monthly sales numbers for May starting from 1 June 2021.
March quarter earnings
India Inc will continue to report its March quarter earnings. Kotak Mahindra Bank will declare its Q4 result on 29 May 2021. Divis Laboratories and Aurobindo Pharma will announce their Q4 result on 31 May 2021. ITC is scheduled to announce Q4 result on 1 June 2021.
On the macro front, India’s gross domestic product (GDP) for the first quarter will be released on 31 May 2021.
India’s infrastructure output data for April will be unveiled on 31 May 2021.
Markit Manufacturing PMI for May will be declared on 1 June 2021. Markit Services PMI for May will be declared on 3 June 2021.
Overseas, China will announce the Caixin Manufacturing PMI for May on 1 June 2021.
The US Markit Manufacturing PMI for May will be declared on 1 June 2021.
The US Non Farm Payrolls data for May will be announced on 4 June 2021.
The Euro Area Markit Manufacturing PMI for May will be declared on 1 June 2021.
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