The interest rate decision from the Reserve Bank of India in the coming week will be a major factor to influence markets ahead, experts noted. Macro economic data and global economic trends would also drive investors’ sentiments in the coming week.
The analysts stated that foreign investors’ trading activities would leave a key impact on the market movements ahead. Further, the current earnings season is also coming to a close soon.
Domestically, the HSBC Purchasing Managers’ Index (PMI) data for the Indian services sector is set to be announced in the week on Monday.
The Reserve Bank of India will hold its Monetary Policy Committee (MPC) meeting from August 6-8, 2024. The central bank’s committee will meet to deliberate on the fiscal policy for the economy ahead. The MPC will decide the benchmark interest rate and is expected to maintain a status quo on the same. The bi-monthly meeting will conclude on Thursday.
Elaborating on the expectations from the stock market in the week, Santosh Meena, Head of Research, Swastika Investmart Ltd, said, “This week, all focus will be on the global markets as we are seeing the first major signs of weakness after a long period of stability. This will test the strength of the Indian market, which has remained resilient due to strong domestic liquidity and a better macroeconomic outlook despite global headwinds and valuation concerns.”
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Amongst the major earnings expected in the week include Bharti Airtel, Life Insurance Corporation of India, MRF, ONGC, Sun TV Network, Shipping Corporation of India, Excel Industries, Steel Authority of India, New India Assurance Company, and NHPC.
Notably, the key equity benchmarks experienced a major decline last week. The BSE Sensex tanked 885.60 points or 1.08 per cent to close the session on Friday at 80,981.95, while the NSE Nifty50 plunged 293.20 points or 1.17 per cent during the last trading session to settle at 24,717.70.