GDP numbers to dictate market
Supported by news of PSU banks (PSBs) consolidating, positive global cues and hopes of Nandan Nilekani returning to Infosys, markets recovered during the later part of the week ended.
The benchmark indices, Sensex and Nifty, closed marginally up by 71 points and 19 points at 31,596 and 9,857 respectively.
Sentiment turned positive due to the easing of geo-political tensions and the Centre approving for a revised framework to speed up the consolidation process of PSBs.
Quiet hike in petrol and diesel prices by nearly 10 per cent in last two months would get reflected in higher inflation data, say observers.
Marketmen are waiting for GST collections and advance tax numbers to assess the impact of the.
It is important to note that the two most powerful central bankers Janet Yellen and Mario Draghi delivered back-to-back warnings against dismantling the tough postcrisis financial rules and that it was a particularly dangerous time to loosen regulation given that central banks are still supporting their economies with accommodative monetary policies. Analysts say the low-interest-rate regime will continue for more time than expected.
Crude oil gained as Hurricane Harvey churned toward the energy-rich Texas coast.
Near-term direction of the markets will be dictated by GDP, F&O settlement, progress of monsoon rains, investment by FIIs and DIIs, movement of rupee, crude oil prices and global cues.
For the week ahead, chartists predict a range of 31,125-32,050 and 9,67510,050 for the indices. Support is evident at 31,325 & 31,125 and 9,760 & 9,685.