INSUBCONTINENT EXCLUSIVE:
On the domestic front, the upcoming RBI's monetary policy announcement on August 8 will be important, Meena added | Image: Bloomberg2 min
read Last Updated : Aug 04 2024 | 10:35 AM IST
RBI interest rate decision, macroeconomic data and global trends would guide markets'
movement this week, analysts said.
Besides, trading activity of foreign investors and the last batch of Q1 earnings announcements would
also guide trends in equities.
HSBC PMI (Purchasing Managers' Index) for the services sector is scheduled to be announced on
Monday.
"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
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," said Santosh Meena, Head of Research, Swastika Investmart Ltd.
On the domestic
front, the upcoming RBI's monetary policy announcement on August 8 will be important, Meena added.
"The last batch of Q1 earnings will
drive stock-specific movements
Additionally, institutional flows will play a crucial role in market dynamics," he said.
Bharti Airtel, BEML, ONGC, NHPC, Life Insurance
Corporation of India, and MRF would announce their earnings this week.
"Going forward, the chances of further consolidation seem elevated
due to premium valuations, weak Q1 results, and ongoing global market consolidation
The RBI policy meeting this week could provide some hints towards an outlook on rates, while expectations are to maintain the status quo as
of now," Vinod Nair, Head of Research, Geojit Financial Services, said.
Amid widespread selling pressure, the 30-share BSE Sensex plunged
885.60 points or 1.08 per cent to finish at 80,981.95 on Friday
The broader Nifty of NSE slipped 293.20 points or 1.17 per cent to end at 24,717.70.
Movement of global oil benchmark Brent crude and
rupee-dollar trend would also dictate trends in the market.(Only the headline and picture of this report may have been reworked by the
Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)First Published: Aug 04 2024 | 10:35 AMIST
