Key developments that will drive the markets this week

Let us look at the key developments this week.

Jun 28, 2021 08:06 IST India Infoline News Service

The Indian stock markets on Friday ended a lacklustre trading session with modest gains amid firm cues from other Asian stock. The Nifty closed near the 15,850 level after opening at 15,839.35 and the S&P BSE Sensex ended at 52,925.04, rose 226.04 points or 0.43%. Barring the Nifty FMCG index, all the sectoral indices ended in the green on the NSE.

Let us look at the key developments this week.

Covid-19 updates:

According to the Union Health Ministry data on Sunday, new cases of coronavirus infection were recorded over 50,000, taking the total tally of COVID-19 cases to 3,02,33,183 in India. The COVID-19 active caseload is 5,86,403 which now comprises 1.97% of the total infections with a recovery rate is 96.72%.

Meanwhile, Maharashtra reported 9,974 fresh coronavirus positive cases and 143 fatalities, taking the tally of infections to 60,36,821 and the toll to 1,21,286, the state health department said on Sunday.

On the vaccination front, PM Narendra Modi said that the government is satisfied with the pace of the vaccination drive in India and added that in order to keep the ball rolling, there is a need to involve other organizations as well as NGOs for expansion of inoculation against Covid-19 infection in the country.

2 IPOs debut on exchanges on June 28:

Dodla Dairy and Krishna Institute of Medical Sciences (KIMS Hospitals) will make a debut on exchanges on June 28.

Ahead of June Auto sales number and Market Manufacturing PMI:

Automobile companies will declare their monthly sales number for the month of June on July 1, Thursday. Also on the same day, Nikkei Markit Manufacturing PMI numbers for June will be announced.

Q4 earnings in focus:

The fourth-quarter earnings that will be announced this week are SpiceJet, Hindustan Aeronautics, Sunteck Realty, NBCC (India), Rail Vikas Nigam, Hindustan Motors, BF Utilities, Zee Learn.

Further, Suzlon Energy, Subros, Sintex Industries, Ruchi Soya Industries, Scooters India, Premier Explosives, MEP Infrastructure Developers, NALCO, A2Z Infra Engineering, GMDC will close out the results season.

NALCO, Welspun Corp, and Zee Media Corporation, Sadbhav Infrastructure Project, Surya India, Triveni Turbine, V2 Retail, Eros International Media, Future Lifestyle Fashions, Federal-Mogul Goetze, Gammon India, GIC Housing Finance, IFCI, ISGEC Heavy Engineering, Aarvee Denims, Autoline Industries, Bartronics India, KPI Global Infrastructure, NLC India, Premier Explosives, Viceroy Hotels, Vivimed Labs will also announce their numbers tomorrow.

FII and DII updates:

As per provisional data available on the NSE on Friday, foreign institutional investors (FIIs) net sold shares worth Rs678.84cr. While domestic institutional investors (DIIs) net purchased shares worth Rs1,832.76cr in the Indian equity market.

US Markets & Euro markets:

On Friday, the S&P 500 index rose hit another record high amid fresh U.S. economic data a day after an infrastructure spending agreement in Washington helped lift the broad market to all-time highs.

On Friday, The Dow Jones Industrial Average rose 237.02 points, or 0.7%, to 34,433.84, The S&P 500 was up 14.21 points at 4280.70. The Nasdaq Composite Index slipped 9.32 points at 14,360,39.

For the week, the Dow advanced 3.4%, marking its best weekly rise since March 12 and the S&P 500 rose 2.7%, its largest weekly gain since Feb. 5, while the Nasdaq climbed 2.4%.

U.S. consumer spending showed no increase in May and consumer incomes declined 2% from April to May on the economy front.

Home prices, manufacturing, and Friday’s closely-watched U.S. payroll report for June will be a focus on the coming week. New York Fed President John Williams will speak on Monday, after several appearances in the past week.

Further, European markets stayed just below record highs on Friday with the pan-European STOXX 600 was 0.1% ending the week with gains of 1%.

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