US Fed interest rate decision, macro data to drive markets this week

New Delhi: The US Federal Reserve’s interest rate decision is the biggest event that would drive sentiments in the domestic stock market this week, besides a host of macroeconomic data from the global front and trading activity of foreign investors, analysts said.

The Indian equity market had an exceptional last week, with both the NSE Nifty and BSE Sensex hitting their all-time high levels on Thursday.

The BSE benchmark breached the 83,000 level for the first time on Thursday.

One of the most anticipated events of the year is set to unfold this week with the US Federal Open Market Committee (FOMC) meeting scheduled for September 18, 2024.

It is almost certain that this will mark the beginning of an interest rate cut cycle in the US.

The general consensus is for a 25 basis points (bps) rate cut, though some market participants are speculating a more aggressive 50 bps cut.