Below are the key events that market participants should watch out for in this week:
1. Trade deficit data (Preliminary) – India’s trade deficit stood lower at $13.81 billion in August from a preliminary estimate of $13.87 billion. The trade data is set to release tomorrow.
2. Markit Services PMI – The IHS Markit India Services PMI jumped to 56.7 in August from 45.4 in July, well above market expectations of 48.5. The reading signalled first expansion since April, and the strongest growth since February 2020. New orders grew at the fastest rate since January 2013 and output grew for first time in four months. A reading above 50 denotes expansion while one below contraction. The data for the September month data will be released on Tuesday!
3. Bharti Airtel Rights Issue – The Rs 21,000-crore rights issue of telecom major Bharti Airtel is scheduled to open on October 5, according to the company’s regulatory filing. The closing date of the issue has been marked as October 21.
4. US Initial Jobless Claims – The number of Americans filing new claims for unemployment benefits rose for a third straight period to 362,000 in the week to September 25, ahead of market expectations. This data point is scheduled to release on Thursday.
5. RBI’s Policy Meet – Probably the most important event that will be keenly watched by our markets. The outcome will be known on Friday. The Reserve Bank of India kept its benchmark repo rate at 4 percent during its August meeting. As per the previous meetings, the RBI has said it will maintain the accomodative stance as long as it is necessary to support the economic recovery. But, will the stance remain the same this time as well?
6. Bank Loan Growth – The value of outstanding loans in India went up 6.70 percent year-on-year in the two weeks to September 10. The value of deposits rose 9.3 percent YoY in the fortnight ending September 10. Keep an eye on the numbers for the period upto September 24.
This is only for educational purpose!