Earnings, Crude Oil, Jio Platforms IPO to Drive Stock Market Sentiment This Week

Indian stock markets are expected to track a host of domestic and global triggers in the holiday-shortened week ahead. The key focus areas will be quarterly earnings, crude oil prices, the proposed Jio Platforms initial public offering (IPO) and foreign investor activity.

Investors will also monitor developments in West Asia and movements in the rupee against the US dollar for cues on market direction.

Developments in West Asia and the rupee-dollar trend would be tracked by investors.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited said, “FIIs continued their selling spree in October with total selling of Rs 54636 crores through 16th October. This is higher than the total selling in September. However, they have reduced the selling intensity during the last few days and turned marginal buyers on 16th. This brief change in the FII stance is likely to be more tactical than structural."

"The marginal decline in the US 10-year yield from above 5.3% to 5.08% and the strengthening of the rupee against the dollar to below 95 are the significant factors responsible for the temporary change in FII stance."

FIIs continued selling in financials and oil and sectors. But even while selling in these segments, they have been buyers in consumer services like digital platform companies, entertainment, restaurants and healthcare services. The sharp gain of 2.77% in Nifty during the week led to some short covering by the FIIs. This imparted resilience to the banking stocks which had borne the brunt of FII selling, he added.

Indian equity benchmarks ended the previous week on a strong note, recording substantial gains. The BSE Sensex surged 2,256.94 points, or 3.11 per cent, while the NSE Nifty advanced 625.7 points, or 2.77 per cent.

For the coming week, the primary market is set for a busy week despite a relatively quiet initial public offering (IPO) calendar due to the holiday-shortened trading week.

Two mainboard IPOs are scheduled to open for subscription, but investor attention is expected to remain on the much-anticipated Jio Platforms IPO.

The potential listing of Jio Platforms has emerged as one of the most closely watched developments in India’s primary market, given the company’s scale and presence across digital services, telecommunications and technology.

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