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Week Ahead: Market to track, global cues, economic data for direction

© Provided by The Rahnuma Daily

After staying highly lackluster for most part of the week ended 3 March 2017, the Indian stock market is unlikely to be any different in the coming week.Economic data from domestic and global front will set the trend for stocks. Investors will also track crude oil prices and the rupee’s performance against the U.S. dollar for direction.With the data on industrial production for January 2017, and the results of Assembly elections to five states, including Uttar Pradesh, due towards the end of the week, the mood is likely to stay cautious almost right through the next five sessions.The proceedings in Parliament, where the second half of the budget session gets underway on March 9, will also be closely watched.Next week, Avenue Supermarts Limited and Musci Broadcast Limited will be coming out with their IPOs. Avenue Supermarts, which owns retail chain D-Mart, has fixed a price band of Rs 295 – Rs 299 for its Rs 1870 crore issue, which opens on Wednesday (March 8).The price band of Music Broadcast’s IPO has been fixed as Rs 324 – Rs 333. Promoted by Jagran Prakashan, Music Broadcast operates radio stations under the brand Radio City.On Friday (March 3), US Federal Reserve Chair Janet Yellen’s comments to the Executives’ Club of Chicago reinforced expectations that the Fed will raise interest rates at its next meeting later this month.Yellen said economic forecasts generally envision that economic activity will expand at a moderate pace in coming years, labor market conditions will strengthen somewhat further, and inflation will be at or near 2% over the medium term. She added that it would be appropriate to gradually increase the federal funds rate if the economic data continued to come in about as expected.

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