“Focus on Key Data Releases in Upcoming Market Week”

Upcoming Week’s Focus on Key Data Releases in India and US

New Delhi, December 10: Geojit Financial Services’ Head of Research, Vinod Nair, anticipates a data-centric week with crucial releases, including inflation data from both India and the US. While Indian inflation is expected to rise, the US is forecasted to maintain steady inflation. Additionally, industrial and manufacturing production data from India is awaited, with consensus anticipating expansion. The outcome of the highly anticipated Federal Reserve policy meeting will play a pivotal role in shaping market sentiments, Nair noted.

The Indian market soared to an all-time high, propelled by robust domestic GDP growth. Despite the Reserve Bank of India maintaining a policy status quo, an upgraded GDP growth forecast for FY24 (6.5% to 7%) bolstered investor confidence. Measures addressing the liquidity deficit, such as the reversal of SDF & MDF facilities, positively impacted financials, resulting in a 5% gain in the Nifty Bank for the week, according to Nair.

Amol Athawale, Vice President – Technical Research at Kotak Securities, highlighted the stellar rally in benchmark indices during the previous week. The Nifty witnessed a 3.47% gain, and the Sensex surged over 2,340 points. Almost all major sectoral indices experienced positive momentum, with the Energy index outperforming with an 8% rally. The Nifty/Sensex successfully surpassed the critical resistance levels of 20,200 / 68,000, intensifying the positive momentum post-breakout.