Weekly Wrap-up - What to expect next week?

Rupee's decline adds to gloom

July 01, 2022 3:40 IST | India Infoline News Service
Indian equity markets ended the last day of the week marginally in red. Top Gainers on Friday included ITC, Bajaj Finance, Bajaj Finserv. Top Losers on Friday included ONGC, Reliance, Power Grid.

Next week too there is no hope of receiving any positive news on the economic front. Chairman of US Federal Reserve Jerome Powell has accepted that the risk of economic recession is high because of increase in interest rates by central banks to control inflation. Many analysts are now saying that by the end of this year the economic situation will turn so bad that beginning 2023, central banks including Federal Reserve will have to cut down interest rates.

Oil prices are not likely to go down significantly next week. This is because OPEC countries may not increase output further due to production capacity constraints. Indian rupee today fell below Rs 79 per dollar. Do Not be shocked if it declines further next week. And if this happens it will trigger further selling by FPIs. Markets will become more subdued next week. It will just be a swing between short term value buying and short term profit booking next week too. 

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