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MUMBAI: A host of domestic developments, along with local and global economic data points, are expected to keep Dalal Street busy in the coming week. The sensex had seen a 2.5% loss last week – the biggest weekly fall in over six months.
Developments around the Adani controversy, value of LIC’s portfolio of stocks from the group, and the trajectory of the life insurer’s share price that’s near its all-time low is sure to weigh on sentiment, market players said.
On Friday, Dalal Street reacted negatively to the news that LIC, which had an equity exposure of over Rs 30,000 crore to the group, is losing money because of the crash in Adani stocks. Adani Group insiders, however, privately said that LIC was still in profit since it had sold some of its holdings before January 24.
Investors would also look for how foreign funds trade in India in the new week (see graphic). Foreign portfolio investors (FPIs) have slowed down their selling in February, CDSL data showed. However, according to V K Vijayakumar, chief investment strategist at Geojit Financial Services, bond yields in the US continued to rise last week in anticipation of the US Fed turning more hawkish. “Rising rates in the US might lead to more capital outflows from emerging markets,” he said.
On February 28, the government is expected to publish the GDP data for the October-December 2022 quarter. The fiscal deficit data for January is also due the same day. And on March 1, S&P manufacturing purchasing manager index and auto sales for February are to be released.
Developments around the Adani controversy, value of LIC’s portfolio of stocks from the group, and the trajectory of the life insurer’s share price that’s near its all-time low is sure to weigh on sentiment, market players said.
On Friday, Dalal Street reacted negatively to the news that LIC, which had an equity exposure of over Rs 30,000 crore to the group, is losing money because of the crash in Adani stocks. Adani Group insiders, however, privately said that LIC was still in profit since it had sold some of its holdings before January 24.
Investors would also look for how foreign funds trade in India in the new week (see graphic). Foreign portfolio investors (FPIs) have slowed down their selling in February, CDSL data showed. However, according to V K Vijayakumar, chief investment strategist at Geojit Financial Services, bond yields in the US continued to rise last week in anticipation of the US Fed turning more hawkish. “Rising rates in the US might lead to more capital outflows from emerging markets,” he said.
On February 28, the government is expected to publish the GDP data for the October-December 2022 quarter. The fiscal deficit data for January is also due the same day. And on March 1, S&P manufacturing purchasing manager index and auto sales for February are to be released.
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