Five factors that are likely to chart market direction this coming week

Last week was one of the most crucial ones of the year 2017, as investors, traders, corporates and even common man were waiting in anticipation as to what Finance Minister Arun Jaitley would do in his fourth Union Budget. 

Thankfully, the Budget 2017 was not all that bad as it had been anticipated, which led to a breakout in the market. The Nifty50 broke above its crucial psychological level of 8,700, while the S&P BSE Sensex reclaimed Mount 28K. 

After a jittery start to the week, the Nifty50 managed to close 1.1 per cent higher while the S&P BSE Sensex gained 1.3 per cent during the week ended 3 February. The S&P BSE Midcap index closed 2.5 per cent up while the BSE Smallcap index ended 2.4 per cent higher. 

"The wow moment was the absence of any negatives in the Budget. The market was extremely nervous about the tone and tenure of the government discussions and speeches before the Budget and it appeared an almost an .. 

Going by the buzz on Dalal Street, here is a list of five factors that could chart market direction during the week: 

RBI policy review: After the Union Budget, the next important event to watch out is the Reserve Bank of India's monetary policy review. The two-day meet will take place over February 7-8. Most analysts are expecting a 25 bps rate cut from RBI on Wednesday. 

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Budget triggers wild swings on D-Street; top five factors weighing on Sensex

The S&P BSE Sensex plunged over 600 points in afternoon trade pushing the index to fresh 52-week low after the Finance Minster said that the government is committed to implementing GAAR from April 1, 2017.

The S&P BSE Sensex plunged to a fresh 52-week low of 22,494.64 while Nifty50 plunged to its support level of 6,800 at 1230 hours, but pared some of the losses soon after. The index hit a fresh 52-week low of 6825.80 in afternoon trade on Monday.

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Sensex, Nifty hold gains; Coal India, Hindalco up 2-3%

There is a risk-off approach to the global market and this week will reflect just that, says Vineet Bhatnagar of PhillipCapital. Speaking to CNBC-TV18, Bhatnagar says the Nifty, however, should find good support at 7500-7530. On sectoral bets, Bhatnagar says the Bank Nifty should trade steady at 15500-15800, adding that despite current weakness in some private names, banking sector would be relatively performing well from a one-year horizon. Bhatnagar further adds that 2016 is still expected to be the year for equities among most institutional investors.

The country's wholesale inflation, which has been in negative territory for thirteen months now, eased a bit, with the wholesale price index coming in at -1.99 percent in November compared to -3.81 percent in October and versus a forecast of -2.59 percent. However, analysts said the easing was largely because of the base effect and added that the inflation print continues to paint a worrying picture of weakness led by the global commodity rout. Beneath the headline numbers, inflation for fuel and power group stood at -11.09 percent year-on-year versus -16.32 percent in November. Fuel and power has a 14.91 percent weightage in the WPI basket.

The market is holding gains as the Sensex is up 103.95 points or 0.4 percent at 25148.38. The Nifty is up 39.65 points or 0.5 percent at 7650.10. About 1485 shares have advanced, 953 shares declined, and 179 shares are unchanged. Hindalco, Tata Steel, HUL, Coal India and Vedanta are top gainers while Tata Motors, ONGC, Axis Bank, TCS and Bharti Airtel are losers in the Sensex. Indian traders fear that an interest rate rise from the US Federal Reserve this week could cause a destabilising spike in bond yields, and are calling on the Reserve Bank of India (RBI) to intervene by buying bonds via open market operations (OMO). Banks are the main buyers of government bonds but are already holding large amounts of them to meet reserve requirements, so their purchases a

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The market is holding gains as the Sensex is up 103.95 points or 0.4 percent at 25148.38. The Nifty is up 39.65 points or 0.5 percent at 7650.10. About 1485 shares have advanced, 953 shares declined, and 179 shares are unchanged. Hindalco, Tata Steel, HUL, Coal India and Vedanta are top gainers while Tata Motors, ONGC, Axis Bank, TCS and Bharti Airtel are losers in the Sensex. Indian traders fear that an interest rate rise from the US Federal Reserve this week could cause a destabilising spike in bond yields, and are calling on the Reserve Bank of India (RBI) to intervene by buying bonds via open market operations (OMO). Banks are the main buyers of government bonds but are already holding large amounts of them to meet reserve requirements, so their purchases a


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PM Modi's reform run like a bullet train, says Japan PM Shinzo Abe

Prime minister Narendra Modi's reform push found a fan in Japanese Prime Minister Shinzo Abe who likened the speed with which his Indian counterpart was implementing economic policies to a high-speed bullet train. 

"PM Modi's economic policies are like Shinkansen (Japanese high-speed railway network) — high speed, safe and reliable and carrying many people along," the Japanese premier told a delegation at the business leaders forum in New Delhi. 

Abe, who arrived in the capital on Friday for a three-day visit, invited Indian companies to invest in Japan. Addressing the industry captains, Abe said "I want you, the representatives of the Indian industry to come and invest in Japan." 

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India's annual industrial output growth hits 5-year high of 9.8%

Industrial growth rocketed to a five-year high in October, riding a festive season-led boom in purchases of consumer goods, providing evidence that the economy may finally be picking up pace, although part of the spurt is due to a favourable base effect. 

As measured by the Index of Industrial Production (IIP), output surged 9.8 per cent in October, data released by the statistics office on Friday showed, the fastest since October 2010 and much higher than the upwardly revised 3.8 per cent in September and the expectation of around 7.5 per cent. 

The high industrial growth marks a strong start to the third quarter after data released last month showed the economy expanded 7.4 per cent in the July-September period, an improvement over 7 per cent reported in the first quarter. 

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Crude oil holds at 7-year lows as global glut persists

Crude oil prices remained at levels not seen since early 2009 on Friday as output in the Middle East continued to rise despite an already huge global glut, with analysts saying the price outlook for the rest of the year and into 2016 remained weak. 

Brent crude futures were down 29 cents at $39.44 a barrel at 0551 GMT, a touch above a near-seven-year low hit earlier in the session at $39.38 a barrel. 

US crude futures were at $36.52 per barrel, down 24 cents and just above Thursday's bottom of $36.38 - the benchmark's lowest mark since February 2009. 

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