Stock markets will remain under pressure this week due to uncertainty about global growth due to presidential elections in America and rising cases of corona virus. Analysts have expressed this opinion. Analysts say a lockdown has been imposed in many European economies following recent increases in cases of Kovid-19 infection in the US and Europe. This has affected investor sentiment.
Quarterly results of big companies will also be affected
Last week, the 30-share BSE Sensex fell 2.63 percent. At the same time, the National Stock Exchange Nifty lost 2.41 percent. However, at the same time, analysts believe that better quarterly results and improvement in economic data than companies expect will support the market. During the week, the quarterly results of major companies like Punjab National Bank and HDFC and vehicle sales data will also give direction to the market.
Motilal Oswal Financial Services Estimate
Siddharth Khemka, head of retail research at Motilal Oswal Financial Services, said, “The market will be under pressure going forward because of the presidential election in the US and the growing cases of Kovid-19 in Europe.” This week the US election and the Federal Reserve meeting will decide the trend of global markets. He said that apart from this, investors will also keep an eye on the non-agricultural employment data of the US and the PMI data of the US, UK and China.
Experts of Geojit and Religare Bronking
Expressing similar views, Vinod Nair, head of research at Geojit Financial Services, said that the market will remain under pressure due to political developments in the US. The PMI figures for manufacturing and services are due this week, which will affect the market. Ajit Mishra, vice-president-research, Religare Bronking, said, “The market will react to the results of Reliance Industries on Monday. After that, the direction of the market will depend on the US elections and other global developments. Reliance Industries announced the second quarter results on Friday. The company’s second quarter net profit declined 15 percent.
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Nirali Shah, senior research analyst at SAMCO Securities, said, “During the week, the domestic markets will be decided from the global markets. This week, the presidential election in the US is an important development. The quarterly results of HDFC, Punjab National Bank, Adani Ports, SunPharma, Lupine, BHEL, Cipla and Union Bank of India are due this week.