Global trends, progress of monsoon to guide equity mkts this week: Analysts
Equity markets this week will be largely guided by trends in global stocks, foreign funds' trading activity and progress of monsoon, analysts said.
Investors will also track the movement of rupee against the US dollar and crude oil prices.
Benchmark indices Sensex and Nifty closed at fresh lifetime highs on Friday.
Market analysts attributed the rally in the markets to the fact that the US Federal Reserve did not raise interest rates, while positive global cues and foreign institutional investors (FIIs) turning net buyers of local equities also supported the uptrend.
"The Indian market will be closely monitoring the progress of the monsoon season. Globally, there is expected to be an increase in volatility in the US market over the coming week. This is due to the upcoming semi-annual testimony of Fed Chairman Powell to Congress," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
According to analysts, a steady recovery in global indices, especially in the US, .