MPC meet, Omicron and IPO buzz among key factors to drive market this week

Sensex, Nifty, RBI MPC meet, IPOs, Stock market, Nifty50, MPC meet, Omicron, Fed

New Delhi: Domestic equity markets ended the volatile week with modest gains, but kept the market participants on their toes. Despite the supportive GDP numbers, the new Covid-19 variant spoiled the party for equities.

Benchmark indices – Nifty50 and BSE Sensex – ended the week with gains of a per cent each, whereas the broader markets were in tandem, rising a per cent.

Amidst the wild swings, traders took refuge in the IT stocks, whose index rose about 4 per cent during the week.

“We reiterate our cautious stance given the uncertainty surrounding the new variant. Among the sectors, the IT pack looks firm while others are showing a mixed trend. Traders should continue with hedged trades and maintain positions on both sides,” said Ajit Mishra, VP-Research, Religare Broking.

Below are the factors that may help steer the markets next week:

RBI MPC meet

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is scheduled to meet between December 6-8. The committee will meet amidst the rising inflationary pressure and the scare of Omicron. It is expected that RBI will keep the rates on hold and markets would keenly watch the commentary of the RBI governor.

Omicron Scare

The rise of new coronavirus variants has spooked the traders globally, amidst the rising fear of a halt in economic activities. According to the World Health Organisation, the new variant is less lethal but likely to spread at a higher speed. Any jitter to normalcy or curbs on the movement are likely to dampen the sentiments further.

Fed‘s Stance

The sudden hawkish stance from Fed’s chair Jerome Powell has sent a clear signal to the market that combating the historic rise in inflation is the prime priority of the central bank. The two-year-long measure to boost demand and employment is likely to be gone and liquidity may be sucked out of the economy.

During two days of testimony in the week gone by, Powell acknowledged the emergence of the Omicron variant, which is a potential risk to economic growth.

Macroeconomic Data: India will release its macro-economic data, including factory manufacturing output and India Industrial Output (IIP) for October and CPI inflation for November on Friday.

Buzz in IPO mart

It will be raining IPOs next week on Dalal Street as four companies, namely RateGain Travel Technologies, Shriram Properties, CE Info Systems (MapmyIndia) and a Rakesh Jhunjhunwala-backed company Metro Brands will hit the primary markets.

Star Health Listing

Dalal Street will witness the listing of another Rakesh Jhunjhunwala backed Star Health and Allied Insurance Company, whose issue fell flat on Dalal Street. The issue was subscribed merely 79 per cent, forcing merchant bankers to trim OFS size to get the issue sail through. The company’s issue was open between November 30 and December 2.

US Jobless Claims

Global economic indicators such as US jobless claims would also be keenly watched after the recent volatility in the global equities this past week. The initial jobless claims would be on the radar of market participants, guiding the future course of action.

Technical Outlook

After a big bearish candle in the last week, the Nifty 50 index closed positive as compared to the last week, and is trading around the support of 20 EMA on the weekly chart, said Yesha Shah, Head of Equity Research, Samco Securities.

“The correction witnessed has done notable damage to the ongoing momentum, Nifty continues to trade below its rising trend line which had been supporting the uptrend thus far. Traders are advised to maintain a cautious to mildly bullish outlook and to maintain a strict stop loss below the 16,850 level,” she added.

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