NEW DELHI, Feb 9: Indian bourses would track macroeconomic data announcements, developments surrounding the coronavirus outbreak as well as the Delhi poll results for further cues this week, according to analysts.
Industrial production and retail inflation data is due on Wednesday, while WPI inflation numbers will be released on Friday.
Voting for the 70-member Delhi Assembly was held on February 8 and results will be declared on Tuesday (February 11).
“We expect the markets to stay narrow until emergence of greater evidence of growth recovery. Further, it would continue to watch out development over coronavirus. Thus, meanwhile, select sectors with better earnings visibility will continue enjoying valuation premium over the broader markets,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Investors would also track global market cues amid the coronavirus outbreak.
“Now since the budget, RBI policy and major corporate results are behind us, Indian bourses will henceforth try to adjust and assimilate the reality. Before making any meaningful strides, markets will absorb how these policy decisions have impacted corporates’ underlying performance.
“Going ahead, the overhang of coronavirus will largely drive the mood of the stocks in the short term,” said Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote.
Last week, the Sensex surged 1,406.32 points or 3.53 per cent.
“While the domestic sentiments are buoyant post an encouraging monetary policy, the threat to the global economic growth due to coronavirus spread may weigh on the sentiments,” Ajit Mishra, VP – Research, Religare Broking Ltd said.
Besides, key factors such as global crude oil movement and Indian rupee-US dollar trend would also influence trading. (PTI)
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