Note that the markets traded under pressure last week after weak global signals and investor sentiment remained pessimistic throughout the week.

Domestic stocks will be mainly driven by global market trends, the movement of foreign institutional investors and developments around the new Covid variant Omicron this week, according to analysts.

Note that the markets traded under pressure last week after weak global signals and investor sentiment remained pessimistic throughout the week.

Santosh Meena, Head of Research, Swastika Investmart Ltd.

One of the main events last week was the US Federal Reserve’s announcement that it would end bond buying from March, and it also signaled the start of a rate-raising cycle after that.

“The selling can be attributed to Fed hawks, growing concerns about Omicron, a weak rupee and most importantly the ongoing selling by FIIs,” Mina added.

“In the absence of any major event, global signals will determine the direction of our market. Ajit Mishra, Vice President of Research, Religare Broking, said participants are closely monitoring the Covid situation due to the new variable and related updates will continue to cause volatility in the coming days.

During the past week, the BSE benchmark fell 1,774.93 points, or 3.01 percent, said Siddhartha Kimka, head of retail, brokerage and distribution research, Motilal Oswal Financial Services Ltd. Sensex fell 889 points on Friday in line with the selling in global markets amid hawkish central banks and increasing Omicron cases.

Yesha Shah, Head of Equity Research, Samco Securities, said: “In the absence of major domestic events, the market will seek indicators from global indicators and macroeconomic data, such as the US GDP growth rate, to determine its movement. Since it is expected that Global macros dominate, investors should monitor FII activity to assess trends and adhere to a stock-centric investment strategy in the midst of range-bound index moves.”

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