Markets to watch Rupee, macro data, Q1 results
12 Aug 2013 10:56 PM GMT
The markets are likely to take cues from macroeconomic data such as industrial production and inflation, movement of the rupee and earnings from blue chips like State Bank of India (SBI) and Tata Steel in this holiday-shortened week. Markets participants would also monitor the ongoing Monsoon session of Parliament where some key legislative bills are in pipeline, including the Food Security Bill.Â
Data for industrial production and consumer price inflation is due for release on Monday. The wholesale price index inflation data for July would be announced on Wednesday. ‘We expect June industrial production to contract by 1 per cent with lending rates preventing recovery... 5 per cent July wholesale price index inflation should continue to allow the Reserve Bank of India (RBI) head room to cut rates when the rupee stabilises,’ said Bank of America Merrill Lynch. Major earnings this week include State Bank of India, DLF, ONGC, Mahindra & Mahindra, Tata Steel and Hindalco Industries.
‘On Monday, State Bank of India will announce its numbers and that will set the tone for banking sector for the next several days,’ said Religare Securities President (Retail Distribution) Jayant Manglik,. Considering the present scenario, any technical bounce will attract selling pressure and only sustainability above 5,750 spot (Nifty) could result in some significant buying. Else the possibility of testing the downside target of 5,450 remains high, he added.
Data for industrial production and consumer price inflation is due for release on Monday. The wholesale price index inflation data for July would be announced on Wednesday. ‘We expect June industrial production to contract by 1 per cent with lending rates preventing recovery... 5 per cent July wholesale price index inflation should continue to allow the Reserve Bank of India (RBI) head room to cut rates when the rupee stabilises,’ said Bank of America Merrill Lynch. Major earnings this week include State Bank of India, DLF, ONGC, Mahindra & Mahindra, Tata Steel and Hindalco Industries.
‘On Monday, State Bank of India will announce its numbers and that will set the tone for banking sector for the next several days,’ said Religare Securities President (Retail Distribution) Jayant Manglik,. Considering the present scenario, any technical bounce will attract selling pressure and only sustainability above 5,750 spot (Nifty) could result in some significant buying. Else the possibility of testing the downside target of 5,450 remains high, he added.
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