The Indian stock market's direction next week will largely depend on global cues, particularly the Friday's (6 September) US jobs data. While there is a general consensus that the Federal Reserve will cut interest rates in its September meeting, the extent of this reduction will be influenced by the employment figures. A weaker-than-expected US jobs report, coupled with a rise in unemployment, could lead to a more aggressive rate cut of 50 basis points.
Domestically, investors will be closely watching the rupee's movement against the dollar, crude oil prices, and the investment trends of foreign portfolio investors (FPIs) and domestic institutional investors (DIIs).
India's industrial production data for July will release on Thursday, 12 September 2024. Industrial output in India rose by 4.2% on an annual basis in June 2024, marking the lowest growth rate in five months, following a 5.9% growth in the previous month.
India's consumer inflation data for August will release on Thursday, 12 September 2024. The annual consumer inflation rate in India fell sharply to 3.54% in July of 2024 from 5.08% in the earlier month, to mark the softest rise in consumer prices since August 2019.
Global Cues:
China's inflation data for August will release on Monday, 9 September 2024. China's annual inflation rate climbed to 0.5% in July 2024 from 0.2% in June, exceeding market forecasts of 0.3% and pointing to the highest figure since February.
United States inflation data for August will release on Wednesday, 11 September 2024. The annual inflation rate in the US slowed for a fourth consecutive month to 2.9% in July 2024, the lowest since March 2021, compared to 3% in June.
United States producer price inflation data for August will release on Thursday, 12 September 2024. Factory gate prices in the US increased 0.1% month-over-month in July 2024, following a 0.2% rise in June.
United States Michigan Consumer Sentiment data for September will release on Friday, 13 September 2024. The University of Michigan consumer sentiment for the US was revised higher to 67.9 in August 2024 from a preliminary reading of 67.8.