The RBI is likely to announce a hike in the repo rate this week. A slew of blue-chip earnings and auto sales data will also be on investors' radar.
A key rate decision by the RBI, a slew of blue-chip corporate earnings and auto sales data will be at the centre stage on Dalal Street in the week starting August 1. State Bank of India (SBI), ITC, Mahindra & Mahindra, Titan GAIL, IndiGo, Britannia and Godrej Properties will report their quarterly numbers during the course of the week.
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Movement in the forex market will remain on investors' radar after the rupee clocked its biggest gain in a year to settle at 79.25 on Friday.
The week that was
Indian equity benchmarks Sensex and Nifty jumped nearly three percent last week — a second straight weekly gain. Globally, a rate hike along expected lines in the US and dovish commentary from the Fed sent positive signals to equity markets.
IT, financial and metal shares were the biggest boosts for headline indices.
A total of 38 stocks in the Nifty50 basket saw weekly gains.
Bajaj Finance, Bajaj Finserv, SBI Life, IndusInd and Asian Paints were also among the top gainers.
Broader markets also strengthened for the week.
|Index||Weekly change (%)|
|Nifty Midcap 100||2|
|Nifty Smallcap 100||0.5|
The road ahead
Analysts see the next target for the Nifty50 at 17,400, after the bulls took it past 16,800 decisively.
"All the sectors are contributing to the move. We believe the focus should still be on the top performers instead of expecting a turnaround in the beaten-down names. We reiterate our preference for auto, FMCG, banking and financials and remain selective in other sectors," said Ajit Mishra, VP-Research at Religare Broking.
Participants can look for buying opportunities on dips, he said.
Here are the key factors and events that are likely to influence Dalal Street in the week beginning Aug 1:
|Aug 1||ITC, Zomato, UPL, Thyrocare, Escorts, Barbeque-Nation, TBZ|
|Aug 2||Bosch, Adani Green, Deepak Nitrite, Godrej Properties, Brigade Enterprises, Indus Towers, Lemontree, Voltas|
|Aug 3||Adani Power, Adani Transmission, InterGlobe Aviation, Lupin, Vodafone Idea, Tata Coffee, Godrej Consumer Products, Inox Leisure, Birlasoft, Devyani International, Bliss GVS Pharma|
|Aug 4||GAIL, Adani Enterprises, Adani Total, BHEL, Britannia, Dabur, Berger Paints, BEML, Dalmia Bharat, Kalpatru Power, Spandana Sphoorty, Ujjivan Financial Services, HCC, Krsnaa, LIC Housing Finance, Manappuram, Max India|
|Aug 5||Mahindra & Mahindra, NMDC, Nykaa, Paytm, Titan, Uco Bank, Indigo Paints, CAMS, Fortis Healthcare|
|Aug 6||SBI, Marico, Amara Raja, Indian Overseas Bank|
Automakers will start to release monthly sales numbers on Monday.
The RBI's Monetary Policy Committee will conclude a three-day review on Friday, when the central bank will reveal its bi-monthly statement.
The central bank has already raised the COVID-era interest rates by 90 bps since May.
The flow of institutional investors' money will remain in focus on Dalal Street.
|Aug 1||Manufacturing PMI data||Germany retail sales, France manufacturing PMI data, Eurozone unemployment data||Hong Kong GDP data, China and Japan manufacturing PMI data|
|Aug 2||Fed official Charles Evans to speak||Hong Kong retail sales data|
|Aug 3||Crude oil stockpiles data||France and Eurozone services PMI data, Eurozone retail sales data||China and Japan services PMI data|
|Aug 4||Jobless claims data, Fed Loretta Mester to speak||ECB Executive Board Member Frank Elderson to speak|
|Aug 5||Unemployment rate data||Germany and France industrial production data|
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