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Market sentiments this week to be driven by global cues
Market sentiments this week to be driven by global cues

New Delhi, Sep 3 : In the absence of any major triggers from the domestic market, sentiments will be driven by global cues, including the release of US payroll and PMI data, says Vinod Nair, Head of Research at Geojit Financial Services.

Favourable global cues also played a role in this upturn. Notably, there was heavy buying in metal stocks in anticipation of further stimulus measures from the Chinese government. Auto stocks also performed well, buoyed by strong sales figures, he added.  Investor sentiments were mostly cloudy due to mixed market trends on the global and domestic fronts. Concerns about the progress of US policy measures weighed on both domestic and global markets after the Fed Chair expressed his commitment to managing inflation within target bounds.

Additionally, lacklustre economic data from Europe contributed to the downturns in the domestic market, though domestically focused small and mid-caps remained resilient, he said.  As the week progressed, investors regained optimism regarding a policy rate hike pause following the arrival of subdued economic data. However, the impact of the same on the domestic market was limited as investors awaited domestic GDP data. Several weak economic indicators from the US, including softer labour market data, a moderated GDP figure, and US PCE inflation aligning with expectations, increased the likelihood of the Fed pausing its rate tightening, he added.

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