Sunday, September 4, 2016
Will Nifty hold 8800 next week? PSU Q1 nos, new RBI chief key
The Indian market is likely to swing to global macro data and June quarter earnings of few public sector companies next week.
Monday being a holiday for Ganesh Chaturthi, investors will be keenly watching the 8800 level on Nifty. Few index heavyweights like Coal India, BHEL and ONCG are expected to announce pending Q1 results.
The market is also likely to react to new Reserve Bank of India Governor. Urjit Patel will take charge as the 24th Governor of the Reserve Bank of India when Raghuram Rajan demits office in the first week of September.
Deutsche Bank says after Rajan the RBI will deal with a markedly different set of priorities. It says that in order to maintain inflation and exchange rate stability, a positive feedback loop between savings and investment at various parts of the economy and good quality growth, the central bank has to ensure sufficiently positive real interest rates.
Meanwhile, on Friday, the 30-share BSE Sensex rose 108.63 points to 28532.11 and the 50-share NSE Nifty gained 35 points at 8809.65. The broader markets also gained in line with benchmarks on positive breadth. About 1531 shares advanced against 1196 declining shares on the BSE.
Renewed buying interest drove equity benchmarks nearly 3 percent higher during the week, which was the first weekly rally after consolidation for a month. FIIs pumped in nearly Rs 10,000 crore in August, in addition to Rs 46,159 crore worth of buying during March-July.
Here are key events to watch out for:
Sept 5 Nikkei India Market Services PMI data
Sept 6 OIL India Q1 results
Sept 7 BHEL, ONGC Q1 results
Sept 8 ECB president Mario Draghi is not expected to announce any major stimulus measures next week, with interest rates remaining unchanged at their record lows.
Sept 8 China trade data
Sept 9 Coal India Q1 results. Forex reserve data from RBI, inflation data from China, trade data from Germany expected
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