NEW DELHI, Sept 8: Macroeconomic data announcements, global trends and trading activity of foreign investors would be the major driving factors for the equity markets this week, according to analysts.
“Crude oil prices has seen a meaningful correction over the few days with Brent crude now close to USD 73 per barrel. In India, investors will look forward to release of macro data this week, including CPI inflation. Globally, investors remain optimistic about the possibility of a rate cut by the US Fed and would keenly look forward to the US Fed meet scheduled later this month,” Shrikant Chouhan, Head of Equity Research, Kotak Securities, said.
Among macroeconomic data announcements, industrial production for July and inflation data for August will be announced on Thursday.
Last week, the BSE benchmark dropped 1,181.84 points, or 1.43 per cent, while the Nifty declined 383.75 points, or 1.52 per cent.
Falling for the third day running on Friday, the 30-share BSE Sensex tumbled 1,017.23 points, or 1.24 per cent, to settle at 81,183.93.
The NSE Nifty dropped 292.95 points, or 1.17 per cent, to 24,852.15, its third day of decline.
“We expect consolidation mode to continue in the market over the near term,” Siddhartha Khemka, Head, Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.
Investors would also track movement of global oil benchmark Brent crude and rupee-dollar trend.
In the week ahead, US inflation data will be closely monitored, Vinod Nair, Head of Research, Geojit Financial Services, said. (PTI)
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