RBI meeting on quarterly results will be held this week, market will keep an eye on global trends: analyst
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New Delhi: This week, the movement of the stock markets will be largely determined by the RBI’s decision on interest rate, industrial production data for June and quarterly results of companies. Apart from this, analysts said, global market trends, volatility in oil prices. And the market will also be affected by the attitude of foreign investors.
Pravesh Gaur, Senior Technical Analyst, Swastika Investmart Ltd said, “The market will be eyeing the RBI Monetary Policy Committee (MPC) meeting, the outcome of which will be announced on August 10, 2023. Apart from this, the quarterly results of major companies like Adani Ports, Coal India, Hero MotoCorp, Hindalco and ONGC will also be watched.
Gaur said that on the macroeconomic front, market participants would closely watch key developments like industrial production and manufacturing production data. These figures will be released on 11 August. He said that the trend of global stock markets, movement of dollar index, position of rupee against dollar and crude oil prices will also influence the market.
Arvinder Singh Nanda, Senior Vice President, Master Capital Services Ltd said, “Markets will be affected by RBI policy meeting, quarterly results, crude oil, US inflation data, unemployment situation in US and UK GDP data this week.
Foreign institutional investors were net sellers in the capital market last week and their stance this week will be closely watched by traders. Siddharth Khemka, head of retail research at Motilal Oswal Financial Services Ltd., said this week would mainly focus on RBI’s policy meeting and the focus would remain on interest rate sensitive sectors.
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