Domestic macroeconomic data, global cues and foreign fund flows will remain at centrestage on Dalal Street this week. Investors will closely track any wild moves in crude oil and the rupee as well.
Macroeconomic data, foreign fund flows and IPO activity are likely to be on investors' radar on Dalal Street this week. Globally, investors will track a slew of speeches by central bankers for more clarity on the course of COVID-era interest rates, as red-hot inflation and slowing economic growth continue to hurt their appetite for risk.
Movement in crude oil and foreign exchange rates will also be tracked closely.
The week that was
Last week, Indian equity benchmarks Sensex and Nifty50 rose 1.7 percent each financial and IT shares, following two back-to-back weeks of losses, as investors globally digested hawkish remarks from Fed policymakers and the ECB's unprecedented hike of 75 basis points in the key rate.
"While the energy crisis in Europe continued to haunt investors, Chinese policymakers' renewed efforts to strengthen its economy boded well for the Chinese bourses. In an effort to stabilise declining oil prices, the OPEC+ opted to cut back on output given the faltering global growth outlook," said Vinod Nair, Head of Research at Geojit Financial Services.
Broad-based gains supported the market, backed by persistent inflows by foreign institutional investors. The Nifty Bank clocked a third straight weekly gain.
A total of 37 stocks in the Nifty50 basket rose for the week. Shree Cement, Tech Mahindra, Adani Ports, Bharat Petroleum and Axis Bank were the top gainers.
On the other hand, Bajaj Auto, Tata Motors, Nestle, Tata Consumer and Britannia were the top laggards.
Broader indices also strengthened, with the Nifty Midcap 100 rising for the 12th week in a row.
|Index||Weekly change (%)|
|Nifty Midcap 100||2|
|Nifty Smallcap 100||3.3|
Foreign institutional investors remained net buyers of Indian shares, after emerging net purchasers for a first full calendar month since September 2021.
Here are the key factors and events that are likely to influence Dalal Street in the week beginning September 12:
Separate data on industrial production and consumer inflation in India are due on Monday.
Data on wholesale inflation in the country will be released on Wednesday.
Tamilnad Mercantile Bank shares will debut on exchanges BSE and NSE on Thursday, September 15. According to dealers, the lender has commanded a premium in the grey market — or an unofficial market for unlisted securities —since the launch of its IPO.
TMB's initial share sale concluded last week with a subscription of almost three times.
Harsha Engineers International's IPO to raise up to Rs 755 crore will hit the Street on September 14 and conclude on September 16. The share sale is a combination of fresh issuance of shares worth Rs 455 crore and an offer for sale (OFS) worth Rs 300 crore by existing shareholders.
|Sept 12||UK GDP and industrial production data, ECB Vice-President Luis de Guindos and Executive Board Member Isabel Schnabel to speak|
|Sept 13||Inflation data||Germany inflation data, UK inflation data, ECB Supervisory Board Chair Andrea Enria and Member Elizabeth McCaul to speak, BoE Governor Andrew Bailey to speak|
|Sept 14||Crude oil stockpiles||UK inflation and inflation data, Eurozone factory output data, Elizabeth McCaul and ECB Executive Board Member Philip Lane to speak||Japan and Hong Kong industrial production data|
|Sept 15||Retail sales data, jobless claims data, trade data, factory output data, natural gas stockpiles data||Germany wholesale inflation data, France inflation data, Luis de Guindos and Elizabeth McCaul to speak||Japan trade data|
|Sept 16||Consumer sentiment data||UK retail sales data, France car registrations data, Eurozone inflation data||China industrial production, retail sales and unemployment data|