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RBI policy, macro data, cos' earnings to decide market course this week: Experts
RBI policy, macro data, cos' earnings to decide market course this week: Experts
New Delhi, Aug 2 The domestic equity market in this coming week will be driven by a host of key developments like RBI monetary policy, macro-economic data release and corporate earnings, analysts said.
At the start of the week, the market will also take cues from July auto sales numbers which signal a recovery in the sector hit hard by COVID-19.
With most parts of the country in unlock phase, the automobile industry has performed better in July over the previous month in terms of sales and is now marching towards normalcy in terms of production as well.
"Going forward, markets would react to auto sales numbers. On the event front, they would also be keeping a close watch on the RBI monetary policy," said Ajit Mishra, VP Research, Religare Broking.
On the macro data front, market participants will be keenly awaiting PMI manufacturing and services sector numbers that are scheduled to be released in the first half of the week.
On the earnings side, Bharti Airtel, Tata Steel, Lupin, Titan, Voltas Apollo Tyres, Canara Bank, Adani Power and M&M, among others, will announce their quarterly numbers during the week.
"We expect market volatility and stock-specific action to continue for a while. Investors would watch out for quarterly results for stock-specific action and development over US fiscal stimulus which could provide some cheer to the markets," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said.
The Monetary Policy Committee (MPC) of the Reserve Bank is scheduled to meet for three days beginning August 4 and will announce its decision on August 6.
Besides, COVID-19 cases trend and geopolitical developments on US-China ties front will remain key market drivers globally.
Meanwhile, the number of cases around the world linked to COVID-19 has crossed 1.8 crore and the death toll has topped 7 lakh.
In India, the death toll due the disease rose over 37,000 and the number of infections has crossed 17-lakh mark.
Investors will also track movement in Brent crude oil and rupee-dollar during the week.
During the last week, the Sensex fell 522.01 points or 1.36 per cent, while the Nifty declined 120.70 points or 1.07 per cent.(PTI)
