Poll Outcome In Gujarat, Himachal To Dictate Market Trend This Week
Trading sentiment in the stock market this week will be driven by the election results in Gujarat and Himachal Pradesh, say experts.
Investors will also be keeping an eye on global factors like U.S. tax reforms and crude oil prices, they added.
“The verdict of Himachal and Gujarat state election will be the key trigger for the market this week. The cues from winter session (of Parliament) will also be closely followed. Any deviation from exit polls could negatively impact the market sentiment in the near to medium term. Post election results, market will also look towards global cues and US tax reforms,” said Vinod Nair, Head of Research, Geojit Financial Services.
Exit poll findings have given the Bharatiya Janata Party an upper hand in both Gujarat and Himachal Pradesh.
Gujarat has witnessed the fastest growth in labour-intensive sectors, even outperforming the national average. #GujaratElection2017 https://t.co/z1uEsScbCe pic.twitter.com/IpLiRSmPFl
December 16, 2017Also Read: Gujarat Elections 2017: Repolling Begins in 6 Polling Stations
“We may see optimism to continue on Monday on the day of election results,” said Anita Gandhi, whole time director at Arihant Capital Markets.
Over the last week, the Sensex notched up a significant gain of 212.67 points, or 0.63 per cent. The Nifty was up 67.60 points, or 0.65 per cent.
"Market will initially rejoice over the victory when results are finally out by Monday but soon a correction will resume. The market will be active for a week after which the year end holiday mood will grip the whole world. The Parliament session will have some fireworks which the market will be watching,” said Jimeet Modi, chief executive officer at Samco Securities
The mood of the market will remain buoyant and stock specific movement will dominate the week but in general the wait and watch phase will continue.Jimeet Modi, CEO, Samco SecuritiesAlso Read: Anger at New Tax on Modi's Home Turf Shows Why Monday Is Key
For more stories on the Gujarat assembly elections, click here)
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