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Sensex, Nifty Market this week: From India’s GDP growth to fiscal deficit data, factors that may drive Dalal Street

Due to ongoing worries about the state of the U.S. interest rates and the health of the Chinese economy, the markets displayed a negative trend last week. As the new month begins this week, traders will be keeping a close eye on a variety of macroeconomic data that will keep the markets humming, including statistics on India’s GDP growth, the fiscal deficit, the monthly sales figure for the car industry, and the Reliance AGM.

Economic developments: Investors will be watching the Government Budget Value (Fiscal Deficit) data, which is slated for release on August 31. In comparison to the same month the prior fiscal year, India’s budget deficit climbed to Rs 4.51 trillion in April–June 2023–24 from Rs 3.52 trillion.

The core sector growth and Gross Domestic Product (GDP) growth figures for Q1 FY24 will be monitored by traders on the same day. In addition, data on foreign exchange reserves and the S&P Global Manufacturing PMI are expected to be issued on September 1. Reliance Industries Limited (RIL), the most valued corporation in India, will conduct its 46th annual general meeting (AGM) on Monday, August 28, 2023.

Market macro: “The domestic market experienced another week of losses as Investors were eagerly awaiting insights from Fed officials to gauge the future prospects of rate hikes,” said Vinod Nair, Head of Research at Geojit Financial Services. US bond yields were somewhat lower as a result of a poor US PMI, but they remained high.

Also read, RIL may sell 8-10% more in Reliance Retail ventures to fund expansion.

Market Data for US:

The US Manufacturing PMI, which came in at 47 as opposed to the anticipated 49.3, raised optimism for a prolonged delay in rate hikes.

US market data: On the international front, investors would be focusing on a few economic reports from the world’s largest economy, the United States (US), beginning with the Dallas Fed Manufacturing Index on August 28 and continuing with Redbook, House Price Index, Goods Trade Balance, Pending Home Sales, Core PCE Price Index, Personal Income, and Initial Jobless Claims on August 30 and August 31.

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