Market Next Week: February auto sales, macroeconomic numbers and global cues among other top factors for Dalal Street

The Indian markets will mainly be influenced by factors such as macroeconomic data, February auto sales numbers, along with global cues in the next week, according to several analysts.

They also believe foreign investors’ flow, the rupee’s movement against the US dollar, and Brent crude oil trend may also impact the domestic equities in the coming week.

With the beginning of the new month, participants will be eyeing important macroeconomic and high-frequency data during the week, Ajit Mishra, VP - Technical Research, Religare Broking said

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“To start with, Gross Domestic Product (GDP) and Core Sector data are scheduled to be released on February 28. 2023. Besides, S&P Global PMI Manufacturing and Services PMI data will be unveiled on March 1 and March 3 respectively,” Mishra said in his market next week comment.

The analyst at Religare Broking also noted, “The auto sales numbers will also start pouring in from March 1. Apart from the domestic data, global market performance, and movement of crude & rupee will remain on participants’ radar.”

While Santosh Meena, Head of Research, Swastika Investmart said, “The market will continue to keep an eye on the direction of global markets along with the movement of US bond yields and the dollar index in the near term as the interest rate scenario in the US will remain a dominating factor in the first half of 2023.”

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He added that the market isn't currently responding to the geopolitical situation all that much, but any unexpected development—positive or negative—could cause the market to move significantly.

The markets traded under pressure and lost over two and a half percent, pressurised by weak global cues. The tone was negative from the beginning which further worsened as the week progressed.

Consequently, the benchmark indices – Nifty50 and BSE Sensex – ended closer to the week’s low at 17,465.8 and 59,463.93 levels.

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Most sectoral indices traded in sync with the benchmark to end lower wherein continuous pressure in the banking and financials combined with a fresh decline in metal and realty counters was largely weighing on the sentiment. The broader indices too settled with a cut of around 2 per cent each.