Market Outlook: PMI, Auto Sales, FII Activity, Key Economic Data To Drive Stock Market This Week
Mumbai: Major factors, including auto sales figures, PMI data, Foreign Institutional Investor (FII) activity, and international economic updates, are expected to drive the Indian stock market this week. According to Bajaj Broking Research, several important economic data releases are scheduled between June 30 and July 4 in both India and the United States.
India's industrial production data for the month of May will be released on June 30, which will offer insights into the country's manufacturing output. The current account data for the first quarter is also expected to be announced on the same day.
On July 1, S&P Global will publish India's Manufacturing PMI for June, while auto companies will release their monthly sales numbers. Later, on July 3, S&P Global will also release the Services PMI, providing a broader picture of the country's economic activity.
Globally, key data from the US, such as Manufacturing PMI, jobless claims, non-farm payrolls, and unemployment figures, are expected next week. These indicators could significantly impact global markets. Meanwhile, Indian stock markets ended the week on a strong note.
During the week, the 50-share index Nifty rose 525.40 points, or 2.09 per cent, to close at 25,637.80, while the 30-share index Sensex climbed 1,650.73 points, or 2 per cent, ending at 84,058.90.
The broader market also followed suit as the Nifty Midcap 100 index rose 2.40 per cent and the Nifty Smallcap 100 jumped 4.30 per cent. Sectorally, the Nifty Metal index surged 4.81 per cent, followed by Nifty Commodities (4.03 per cent) and Nifty Infra (3.37 per cent) as top performers.
Analysts attribute the recent rally to easing geopolitical tensions between Iran and Israel and improving global stability. FIIs returned as net buyers last week, investing over Rs 4,423 crore in Indian equities.
This was supported by falling crude oil prices, a stable rupee, and improving global risk appetite. Domestic Institutional Investors (DIIs) also remained net buyers, purchasing nearly Rs 12,390 crore worth of Indian equities.
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