New Delhi: Optimism about the COVID-19 vaccine and hopes for further stimulus in the US may boost markets next week, and investors will continue to monitor global events and the situation around the coronavirus for further movement, analysts said.
The benchmark Sensex index rose more than 2 percent last week to climb the 45,000 level for the first time after the RBI left interest rates unchanged but maintained its dovish stance and revised upward the growth forecast for it. fiscal year.
The 30-share index hit an all-time high of 45,148.28 on Friday before settling at 45,079.55, its all-time closing high. The broader NSE Nifty touched a new high of 13,280.05 during the session, before ending at a closing record level of 13,258.55.
During the week cut short by holidays, the Sensex rose 929.83 points or 2.10 percent, while the Nifty jumped 289.60 points or 2.23 percent.
Expectations of new stimulus in the US and the launch of the coronavirus vaccine have pushed markets around the world to near record levels, analysts said.
Prime Minister Narendra Modi said last week that a COVID-19 vaccine could be ready in a few weeks, as he noted that experts believe the wait will not be long and stated that the vaccination campaign in India will begin as soon as the scientists administer the vaccine. head.
“Investors should closely monitor the coronavirus and vaccine situation along with the development of economic activity,” said Sumeet Bagadia, CEO of Choice Broking.
“With all the major events behind us, we believe that global signals will dictate the market trend going forward. Additionally, news related to the COVID vaccine will also be in focus,” said Ajit Mishra, Vice President of Research at Religare Broking. Ltd.
Vinod Nair, head of research at Geojit Financial Services, commented that additional updates on vaccine developments and revised discussions about the US stimulus may inject more optimism into global markets.
According to data from the Union Ministry of Health, India’s total number of active COVID-19 cases fell to 4.09,689 on Saturday, the lowest in 136 days.
The ministry said that for the past eight days, the new daily recoveries recorded in the country have been more than daily cases.
Markets would also be waiting for industrial production and inflation data, which will be announced after market hours on Friday.
Sentiment in the market will also be driven by other important market drivers, such as the trend of the rupee, Brent crude and foreign capital flows.
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