Share Market Outlook: The stock market will continue to rise till Diwali, Sensex may go up to 65,000 in this time
Highlights
- Sensex may go up to 65,000 mark by December 2022
- Retail inflation moderates to 6.71 per cent in July
- The normalization of monsoon will also have an effect on the market.
Share Market Outlook: The Indian stock market is expected to continue its upward trend. Market experts say that the Indian market remains strong. Sunil Damania, Chief Investment Officer, Markets Mojo said, “We believe that the market is currently in a bullish trend. One of the main reasons for this is the better performance of the Indian economy. Damania said, “We believe that whether the market goes to record high in September or not, the market sentiment will remain strong till Diwali.” points can be reached.
These reasons will strengthen the market
According to experts, geopolitical issues, commodity prices, inflationary trend, interest rate hike situation by various central banks and moderation will give direction to global markets. Deepak Jasani, Head of Retail Research, HDFC Securities said that the Indian market may be affected by the global sentiment. It has been observed that the market remains down in September, given that investors are a bit risk-averse. “However, the pace and volume of decline in the domestic market will be limited. The reason for this is that our economy is not entirely affected by the activities in the US economy.
Economic foundation in good shape
Reshma Banda, Head of Equity and Executive Vice President, Bajaj Allianz Life Insurance said that the country’s macroeconomic fundamentals are in relatively better shape. Inflation is high in India, he said. However, this is marginally higher than the satisfactory level of the Reserve Bank. This is a good position compared to other developed countries, where inflation has reached several decade high. According to official data, retail inflation moderated to 6.71 per cent in July. The RBI has been entrusted with the responsibility of keeping it at four per cent with a variation of two per cent. Apart from this, with the normalization of monsoon on the market, foreign institutional investors will also have an impact, according to experts.
So far it has gained 16.91 percent
The US central bank’s interest rate move by the Federal Reserve, RBI’s policy rate decision and capital inflows from foreign institutional investors are some of the key factors that will determine the direction of the domestic stock market in the near future. Analysts also said on Wednesday that the company’s results for the September quarter will also determine the course of the market in the near future. He says that there is a bullish trend in the market. The BSE Sensex was at a 52-week low of 50,921.22 points on June 17 this year. Since then it has gained 16.91 percent. The Nifty of the National Stock Exchange has strengthened 16.96 percent from a 52-week low of 15,183.40 on June 17 this year. By the way, this year, the Sensex has gained 2.20 percent and Nifty 2.33 percent so far. Sunil Damania, Chief Investment Officer, Markets Mojo said, “We believe that the market is currently in a bullish trend. One of the main reasons for this is the better performance of the Indian economy. He said the rupee has stabilized after touching a record low against the US dollar. Rupee is currently hovering around 79.50 against the dollar. During trading on Monday, it had touched the all-time low of 80.15. On the other hand, Nifty is expected to reach 19,000 mark by December 2019.
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