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Global cues will take centre stage this week as Dalal Street prepares for the monthly F&O expiry week. A key GDP reading from the US and the Fed Chair's speech at the Jackson Hole symposium will be on investors' radar around the world.
The focus on Dalal Street will be on global cues this week, with a key GDP reading from the world's largest economy and a speech by Fed Chair Jerome Powell at the annual Jackson Hole symposium. Back home, the expiry of monthly derivatives — or futures and options — contracts will be in the spotlight.
Foreign fund flows and movement in the rupee as well as crude oil will remain on investors' radar as the market returns to a full trading week following two straight holiday-truncated ones.
"The market may witness some consolidation after five straight weeks of rising and it would be healthy. We hardly saw any major decline in the Nifty50 in the recent phases of consolidation. However, a lot would depend on the performance of US indices this week where we see still see room for further upside," said Ajit Mishra, VP-Research at Religare Broking.
He expects a base for the index in the 17,300-17,600 zone this week and warns that a rebound towards 17,850-18,100 levels may attract profit booking.
The week that was
Indian equity benchmarks clocked their fifth back-to-back weekly gains last Friday, amid positive global moves and sustained buying by foreign institutional investors. Both headline indices rose 0.3 percent, with the Sensex gaining 183.4 points for the week and the Nifty50 adding 60.3 points.
Bharti Airtel, Bharat Petroleum, SBI Life, NTPC and Tech Mahindra — rising between 2.5 percent and 3.2 percent — were also among the blue-chip gainers.
On the flipside, Apollo Hospitals, ONGC, UPL, Tata Steel and Hindalco were the top blue-chip laggards.
Broader indices also participated in the rise.
| Index | Weekly change (%) |
| Nifty Midcap 100 | 0.6 |
| Nifty Smallcap 100 | 0.4 |
FIIs have net purchased Indian shares worth a total of Rs 10,979.1 crore in two back-to-back holiday-truncated weeks, according to provisional exchange data.
Domestic institutional investors have net offloaded equities worth Rs 4,287.1 crore during this period.
Here are the key factors and events that are likely to influence Dalal Street in the week beginning Aug 22:
GLOBAL CUES
| Date | US | Europe | Asia |
| Aug 22 | China loan prime rate decision, Hong Kong inflation data | ||
| Aug 23 | Manufacturing and services PMI data, home sales data | Services and PMI readings from France, Germany and Eurozone; Eurozone consumer confidence data, ECB Executive Board Member Fabio Panetta to speak | Japan manufacturing and services PMI data |
| Aug 24 | Crude oil stockpiles data, Fed official Neel Kashkari to speak | ||
| Aug 25 | GDP data, jobless claims data, Jackson Hole symposium | Germany GDP data, UK car production data, France unemployment benefit claims data | BoJ Board member Toyoaki Nakamura to speak, Hong Kong trade data |
| Aug 26 | Fed Chairman Jerome Powell to speak | Germany and France consumer confidence data | Japan inflation data |
DOMESTIC CUES
Macroeconomic data
Fortnightly RBI data on deposits and loans are due on Friday.
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