INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Bloodbath in forex market and Sino-US trade war tensions kept Dalal Street investors on tenterhooks during the week gone by
Equities kept oscillating between the positive and negative territories, with the bulls eventually winning the battle by a
whisker.
Benchmark index BSE Sensex gained 0.2 per cent in the holiday-truncated week to settle at 37,947, whereas the broader Nifty50 index
of the National Stock Exchange (NSE) closed at a fresh closing peak of 11,470, up 0.36 per cent.
As the earnings season is over, investors
are likely to take cues from trends in global markets and key macro-economics developments
take a look at the key events/developments that may steer market in the upcoming holiday-truncated week
The stock market will be closed on Wednesday, August 22, on account of Bakri Id
US-China trade talksAccording to news reports, China and US are scheduled to hold trade talks on August 21 and 22, just before $16 billion
in new US tariffs on Chinese goods take effect, along with an equal amount of retaliatory tariffs from Beijing
Investors to watch rupeeMovement in the domestic currency will be keenly watched by investors
The Indian rupee on Thursday settled below the 70 mark for the first time at 70.16 against the US dollar
Earlier during the day, the local unit hit an all-time low of 70.39
The rupee has been under pressure in the past few sessions due to big meltdown in the Turkish lira
India Ratings has recently revised its currency outlook and now estimates the rupee to average 68.4 against dollar through FY19
(April-to-July average: 67.5 against dollar)
Turkey may sway sentimentDevelopments in Turkey will be one of the major factors influencing investors' thinking during the week ahead
The Turkish lira has lost nearly 40 per cent of its value against the dollar this year as investors fret about President Recep Tayyip
Erdogan's influence over monetary policy
currency continues to reel following US economic sanctions
On Friday, ratings agencies Standard Poor and Moody's downgraded Turkey's credit rating closer to "junk" status, owing to currency
fluctuations and concerns over central bank independence.
Nifty charts show bullishnessThe Nifty50 index hit an all-time closing high on
Friday and made a bullish candle on the daily chart
This also marked the fourth week of consecutive bullish pattern for the index on the weekly scale
possible in the forthcoming trading session," said Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas
"The bulls will take charge once the index breaks and sustain above 11,495
Overall, the short term outlook remains bullish for the target of 11,640 and reversal placed at 11,050," Ratnaparkhi added
Fed minutes for rate signalThe US Federal Open Market Committee will release the minutes from its July 31-August 1 policy meeting on
The US Federal Reserve had kept interest rates unchanged in its last policy meet but characterized the economy as strong, keeping the
central bank on track to increase borrowing costs in September
Shares of IT major Infosys are likely to remain in focus when trading resumes on Monday as the company's CFO MD Ranganath has resigned
Ranganath, the key managerial personnel, will continue on his current role till November 16
Infosys said he has decided to step down to pursue professional aspirations and the board has accepted his resignation.
LT: Larsen Toubro
(LT) is going to take up a proposal for share buyback next week
The engineering and construction conglomerate on Saturday informed bourses that the board will consider the proposal for buyback of shares
on August 23.
PVR: Leading multiplex operator PVR on Friday said it has completed the acquisition of 71.69 per cent share of South
India-based chain SPI Cinemas
SPI Cinemas operates 76 screens across 17 properties in 10 cities under several brands such as Sathyam, Escape, Palazzo, The Cinema and S2
It reported revenue of Rs 309.6 crore in FY 2017-18.
This apart, movement in crude prices, monsoon outcome, investment by foreign portfolio
investors (FPIs) and domestic institutional investors (DIIs) will play a key role in deciding market direction in the coming week.
