Categories: Business

GDP and auto sales data to drive stock market this week

Photo: GOOGLE

stock market next week

new Delhi. Domestic stock markets will get direction from the first quarter GDP (gross domestic product) production and vehicle sales data for the July basic industries this week. These figures will indicate the condition and direction of the economy. Apart from this, investors will also keep an eye on the trends in foreign markets and news related to the number of Kovid-19 infected and vaccine development.

Ajit Mishra, vice-president (research), Religare Broking Ltd, said, "This week, participants will be looking at vehicle sales and GDP figures. Through this, they will know how the economy is growing. Apart from this, he will also have his attention on the progress of monsoon and matters related to Kovid-19. The BSE Sensex gained 1,032 points and the Nifty of the National Stock Exchange gained 276 points. Both indices gained 2–2 percent.

The National Statistics Office will release the data on production of basic industries for the month of July and GDP for the first quarter of the current financial year on Monday. Various rating agencies and industry experts have forecast a fall in GDP in the first quarter. The reason for this is to put a lockdown on the corona virus epidemic and its prevention. Apart from this, the PMI (Purchasing Managers' Index) data for monthly sales of automobile companies and manufacturing and services sector will also be released this week. Vinod Nair, head of research, Geojit Financial Services, said, "The market is expected to remain bullish. On the profit booking, there may be a slight correction in the market but there is no possibility of improvement in the long run. ”

Nirali Shah, senior research analyst at SAMCO Securities, said, "The market will be looking at vehicle sales figures this week. It can broadly give information about the state of the economy. "According to experts, the market will also be watching the rupee fluctuations, foreign money flow and crude oil against the US dollar. Meanwhile, the number of Kovid-19 cases in the country has risen to over 3.5 million. 79,000 new cases a day came on Saturday. The death toll was 63

This post was published on August 30, 2020 6:22 pm

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