Indian Market Outlook For The Week - 01 To 05.10.2018
Monthly sales data for automobile companies and the Reserve Bank of India's monetary policy meeting will be in focus next week, even as the underlying sentiment remains weak. The 10800-point mark in the Nifty 50 will be a key level to watch out for next week, as the index has a fair chance of recovery if it sustains above this level. If the Nifty 50 fails to remain above this level, there could be some more selling pressure. The Nifty 50 has already fallen 2% this week and over 6% in September. Nifty 50 yesterday ended at 10930.45, down 47.10 points or 0.4% from the previous close. Automobile companies will start detailing their sales numbers for September from Monday. High base of last year and the 'shradh' period, which is considered to be inauspicious for making purchases, will lead to weak automobile sales. Floods in Kerala are also likely to have hit demand. Markets will remain shutting on Tuesday for Mahatma Gandhi Jayanti. The RBI will announce its monetary policy decision on Friday. The central bank is seen increasing interest rates by 25 basis points. While softer-than-expected inflation calls for a pause, persistent pressure on the rupee perhaps warrants a rate hike. At the same time, the recent turmoil in the domestic wholesale funding markets and tightening liquidity make a case for liquidity-easing measures. We think the RBI is likely to priorities external stability and would thus raise the interest rate.
Source : Cogencis Information Services Ltd.
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Monthly sales data for automobile companies and the Reserve Bank of India's monetary policy meeting will be in focus next week, even as the underlying sentiment remains weak. The 10800-point mark in the Nifty 50 will be a key level to watch out for next week, as the index has a fair chance of recovery if it sustains above this level. If the Nifty 50 fails to remain above this level, there could be some more selling pressure. The Nifty 50 has already fallen 2% this week and over 6% in September. Nifty 50 yesterday ended at 10930.45, down 47.10 points or 0.4% from the previous close. Automobile companies will start detailing their sales numbers for September from Monday. High base of last year and the 'shradh' period, which is considered to be inauspicious for making purchases, will lead to weak automobile sales. Floods in Kerala are also likely to have hit demand. Markets will remain shutting on Tuesday for Mahatma Gandhi Jayanti. The RBI will announce its monetary policy decision on Friday. The central bank is seen increasing interest rates by 25 basis points. While softer-than-expected inflation calls for a pause, persistent pressure on the rupee perhaps warrants a rate hike. At the same time, the recent turmoil in the domestic wholesale funding markets and tightening liquidity make a case for liquidity-easing measures. We think the RBI is likely to priorities external stability and would thus raise the interest rate.
Source : Cogencis Information Services Ltd.
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