The stock market’s direction will be determined this week by the company’s quarterly results, macroeconomic data and global trends. Analysts have expressed this view. The government will release its Industrial Production (IIP) data for June and inflation data for July this week.
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The Reserve Bank of India has increased its retail inflation forecast for the current financial year from 5.1 to 5.7. The central bank has increased its forecasts due to supply pressures and rising crude oil prices. However, after the second wave of coronavirus weakened, the Reserve Bank maintained its growth forecast for the current financial year at 9.5 percent. Nirali Shah, head of equity research at Samco Securities, said, “This week, everyone’s eyes will be on the key financial data and the quarterly results of the companies. Although market sentiment is expected to remain strong, industrial production data, inflation and production output will impact market direction.
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The quarterly results of MRF, Amtek Auto, Jindal Steel & Power Ltd., Lupin, Eisher Motors, Tata Steel, Grasim Industries, NBCC and ONGC are coming up this week. Vinod Nair, head of research at Geojit Financial Services, said: “This week, everyone’s focus will be on July inflation data and industrial output in June.
Last week, the 30-share BSE Sensex rose 1,690.88 points, or 3.21 percent. On August 5, the Sensex reached its all-time high of 54,717.24. Vinod Modi, Head of Strategy at Reliance Securities, said: “Monsoon growth, quarterly results and developments related to Kovid-19 will determine the market direction in the near future.
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