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Market outlook: Macro data, COVID-19 trends to drive indices

PTI
Updated: May 31st, 2020, 15:37 IST
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New Delhi:  Equity market sentiment this week will be guided by macroeconomic data, global cues and COVID-19 trends amid the phased reopening of the economy, analysts said.

The home ministry Saturday said ‘Unlock-1’ will be initiated in the country from June 8 under which the nationwide lockdown effectuated March 25 will be relaxed to a great extent, including opening of shopping malls, restaurants and religious places.

However, strict restrictions will remain in place till June 30 in the containment zones.

“Phased reopening of the economy, in line with global trends, will go a long way in boosting business confidence apart from opening opportunities for jobs and incomes. It is important to understand that the unprecedented high global unemployment is the product of the Great Lockdown and not due to any economic crisis.

“Therefore, we can expect jobs and incomes to bounce back sharply. However, managing the spread of the disease arising out of opening would be a challenge,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Bourses may also react to the GDP numbers released post market hours on Friday.

India’s economic growth slowed to 3.1 per cent in January-March and to an 11-year low of 4.2 per cent for the full fiscal 2019-20, reflecting the early impact of the coronavirus crisis.

Fiscal deficit soared to a seven-year high of 4.6 per cent of GDP in 2019-20 mainly on account of poor revenue realisation.

“Auto monthly sales data for the month of May will start coming from Monday which would reflect consumer sentiment. On the positive side, as per IMD, monsoon is likely to reach Kerala early this week which would be closely tracked,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Religare Broking Ltd, VP – Research, Ajit Mishra, said the US-China tensions would also be on the radar of market participants.

“India PMI Manufacturing for May will be announced June 1, PMI May services data will be out on June 3. US non farm payrolls data for May will be announced on June 5,” said Deepak Jasani, Head Retail Research, HDFC Securities.

Quarterly earnings from companies such as InterGlobe Aviation, Motherson Sumi Systems, BPCL and Larsen and Toubro will also be tracked.

During the last week, the Sensex rallied 1,751.51 points or 5.71 per cent.

India registered its highest single-day spike of COVID-19 cases on Sunday with 8,380 new infections reported in the last 24 hours, taking the country’s tally to 1,82,143, while the death toll rose to 5,164, according to the health ministry.

(PTI)

Tags: BSEEquity marketNiftyNSESensex
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