INSUBCONTINENT EXCLUSIVE:
Oil marketing companies, IT and pharma stocks would be in focus this week, say expertsMumbai: Global factors such as concerns over trade
wars and further developments on tariffs, along with the decision of the Organisation of Petroleum Exporting Countries (OPEC) to marginally
rains and the macro-economic data due later in the week would also give the market cues.Rahul Sharma, senior research analyst of Equity99
said, "Stock specific action will remain the flavor of the week in an otherwise dull and direction-less trading market where investors look
On-going geopolitics will remain in focus and developments in trade spat between the US and China will be closely watched
On the domestic front, investors will now track progress of monsoon.""The rise in oil prices after the modest supply increase by OPEC would
dampen the sentiment in stocks, bonds and the FX (forex) markets," Delta Global Partners' Founder and Principal Partner Devendra Nevgi
said.Global event risks, especially the developments on trade wars between the US and China, would be closely monitored, he said.Geojit
Financial Services' Head of Research, Vinod Nair said: "Progressing monsoon and positive outlook on rural market is giving boost to the
economy, which is already showing signs of improvement."However, the risk of downgrade in financial year 2019 earnings followed by weak
fourth quarter earnings would test investors sentiment, Nair said.Besides, cues from economic data like Consumer Price Index (CPI), Index of
Industrial Production (IIP) and Wholesale Price Index (WPI) data to be released later in the week also would be a determining factor in the
market movement, he added.According to Equity99's Senior Research Analyst, Rahul Sharma: "Stock specific action will remain the flavor of
the week in an otherwise dull and direction-less trading market where investors look for global clues."Sector-wise, oil marketing companies,
IT and pharma stocks would be in focus, Nevgi said, adding that invesment-wise the support to the markets "continue to come from domestic
investors, given the selling by foreign investors".In the week gone by, provisional figures from the stock exchanges showed that foreign
institutional investors sold scrip worth Rs 2,088.81 crore, while the domestic institutional investors purchased stocks worth Rs 4,720.76
crore.Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs
4,528.63 crore, or $665.71 million, in the week ended on June 22.In the coming week, Gaurav Jain, Director of Hem Securities, feels trading
could be volatile as traders would roll over positions in the FO segment from the near month June 2018 series to July 2018 series.On a
technical basis, the key Indian equity indices, Jasani said, are likely to witness "further upside" in the coming week once the immediate
resistance level of 10,837 points on the Nifty50 is breached
Crucial supports to watch for resumption of weakness are at 10,710 points , he said.In the week just ended, both the key Indian equity
indices -- SP BSE Sensex and the Nifty 50 on the National Stock Exchange -- rose for the fifth consecutive week, although with marginal
The indices ended higher on a weekly basis due to value buying, even as the trade was largely volatile and bearish.The wider Nifty50 closed
trade at 10,821.85 points -- up 4.15 points or 0.04 per cent -- from its previous close.Similarly, the barometer 30-scrip Sensex rose by
67.46 points or 0.19 per cent to close at 35,689.60 points on a weekly basis.(This story has not been edited by TheIndianSubcontinent staff
and is auto-generated from a syndicated feed.)
