The market will likely follow global cues for direction next week, with the ongoing earnings season sparking stock-specific movements. Globally, investors are awaiting the key U.S. payrolls data on Friday, maintaining cautious optimism that a full-blown trade war may be avoided.
Technically, the trend is expected to stay positive as long as the index remains above 23,450. On the upside, resistance is seen at 23,700. A decisive break above 23,700 could pave the way for a rally toward 24,050.
The counting for the highly anticipated Delhi Assembly elections is set to take place on Saturday, 8 February 2025. All eyes will be on the outcome as political parties brace for the announcement, which will determine the next ruling party of the Delhi Legislative Assembly.
India's industrial production data for December will release on Wednesday, 12 February 2025. Industrial production in India rose 5.2% year-on-year in November 2024, accelerating from a 3.5% rise in the previous month. This marked the highest reading since May.
India's consumer price inflation data for January will release on Wednesday, 12 February 2025. The annual inflation rate in India eased to 5.22% in December of 2024 from 5.38% in the previous month, remaining within the RBI’s target of within 2 percentage points away from 4%.
India's WPI inflation data for January will release on Friday, 14 February 2025. India’s wholesale prices increased by 2.37% yoy in December 2024, accelerating from a 1.89% rise in November. This marks the 14th consecutive month of wholesale inflation and the fastest pace since June, due to faster rises in manufacturing prices amid a softer fall in fuel prices.
India's balance of trade data for January will release on Friday, 14 February 2025. The merchandise trade deficit in India was $21.94 billion in December of 2024, widening from the $19.8 billion in the corresponding period of the previous year.
Global Cues:
In US, Fed Chair Powell's testimony is on Tuesday, 11 February 2025. The Federal Reserve kept the fed funds rate steady at the 4.25%-4.5% range during its January 2025 meeting, in line with expectations. The central bank paused its rate-cutting cycle after three consecutive reductions in 2024 that totaled a full percentage point. Chair Powell said the Fed is not in a hurry to lower interest rates, and that it paused cuts to see further progress on inflation.
United States core inflation data for January will release on Wednesday, 12 February 2025. The annual core consumer price inflation rate in the United States, which excludes items such as food and energy, eased to 3.2% in December 2024, down from 3.3% in the previous three months.
United States Producer Price Inflation data for January will release on Thursday, 13 February 2025. Factory gate prices in the US increased 0.2% mom in December 2024, below 0.4% in November which was the biggest gain in five months.
United States retail sales data for January will release on Friday, 14 February 2025. Retail sales in the US increased 0.4% month-over-month in December 2024, the least in four months, compared to an upwardly revised 0.8% rise in November.