Following calmness from global cues, the market finally stabilized with the week gone by. Overall, there was a global consolidation ahead of Federal Reserve’s two-day meet beginning September 17.
This week, the market saw Sensex gaining 1.6 percent and Nifty trading above 1.7 percent on short coverings in most beaten down stocks, which included banks, infrastructure, oil, metals and autos.
On the other hand, the market has consistently been supported by the domestic institutional investors as they bought around Rs. 22,500 crore worth of shares since September on strong economic fundamentals.
Majority of market experts believe that the rate hike especially after lower-than-expected non-farm payrolls data and diminishing China woes can now be carried forward by the major indication from Fed on rate hike.
The falling crude and other commodity prices, strong forex reserves, healthy GDP growth of India, low inflation, moderation of growth in other emerging countries among others are the major developments that shall be positive for India from medium to long-term perspective, as per the market experts.
Other major event to watch is the consumer price index inflation for August and the outcome of Bank of Japan’s two-day meet.
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