Indian equities face a mixed start to the week of 17 – 23 Jan 2026, with recent macro cues underlining a cautious tone. Persistent foreign institutional selling emerged as a drag, offsetting domestic investor support and keeping valuations under pressure as volatility persisted.
Investors would continue to track the slew of data release scheduled for released next week. The focus would also remain on corporate announcements as the latest earnings season enters its next leg in the coming week.
In India, the M3 Money Supply figures for the week ended on January 09 would be made public on Wednesday (21 January 2026). The Money Supply M3 in India increased to 322144.23 INR Billion in the week ending December 31 from 246833.33 INR Billion two weeks before.
On Friday (23 January 2026), the flash reading for the Manufacturing, Services, Composite PMIs for January 2026 period would be announced.
The HSBC India Manufacturing PMI fell to 55.0 in December 2025, revised lower from initial estimates of 55.7, down from 56.6 in November. This marks the weakest improvement in two years, as factory output expanded at the slowest pace since October 2022, alongside softer growth in new orders.
The HSBC India Services PMI was revised lower to 58.0 in December 2025 from a preliminary estimate of 59.1 and a final reading of 59.8 in November. The latest figure marked the softest expansion in the services sector since January 2025, as new business and output eased to 11-month lows.
The HSBC India Composite PMI slipped to 57.8 in December 2025, below the flash estimate of 58.9 and down from 59.7 in November. The latest reading marked the lowest since the beginning of the year, reflecting slower momentum across both manufacturing and services sectors. New orders rose at the slowest pace in 25 months, with momentum easing for both goods producers and service firms.
Lastly, the Foreign Exchange Reserves position as of January 16 would also be announced on the same day. Foreign Exchange Reserves in India decreased to $686,800 million on January 02 from $696,610 million in the previous week.
In China, the GDP Growth Rate for the fourth quarter would be announced on Monday (19 January 2026). The China’s economy expanded 4.8% year-on-year in Q3 2025, down from 5.2% in Q2, marking its slowest pace since Q3 2024.
On the same day, the Industrial Production figures for the month of December would be announced on the same day. China’s industrial production expanded 4.8% year-on-year in November 2025, easing slightly from a 4.9% increase in the previous month.
Monday would also see the release of Retail Sales data for December 2025. The retail sales in China rose 1.3% year-on-year in November 2025, easing from October figures and market estimates of 2.9%. It marked the slowest yearly rise since December 2022 despite ongoing consumer subsidy programs from Beijing.
On Tuesday (20 January 2026), the Loan Prime Rate for 1-year and 5-year tenors would be made public. The People’s Bank of China (PBoC) maintained key lending rates at record lows for a seventh consecutive month in December. The one-year Loan Prime Rate (LPR) remained at 3.0%, while the five-year LPR, held at 3.5%.
In the United States, the API Crude Oil Stock Change for the week ended on January 16 would be unveiled on Wednesday (21 January 2026). US crude oil inventories rose by 5.27 million barrels in the week ended January 9, 2025, sharply reversing a 2.8 million-barrel build in the prior week.
On Thursday (22 January 2026), the final GDP growth rate for the third quarter would be unveiled. The GDP in the US advanced at an annualized rate of 4.3% in Q3 2025, the most in two years compared to 3.8% in Q2, the delayed estimate showed.
The initial jobless claims for the week ended on January 17 would also be released on Thursday. Initial jobless claims in the US fell by 9,000 from the previous week to 198,000 on the week ending January 10, contrasting with market expectations of an increase to 215,000, to mark the second-lowest reading in two years.
On Friday (23 January 2026), the flash reading for the S&P Globa’s Manufacturing, Services, Composite PMIs for January 2026 period would be announced.
The S&P Global US Manufacturing PMI was confirmed at 51.8 in December 2025, down from 52.2 in November, marking the weakest expansion in the current five-month growth phase.
The S&P Global US Services PMI fell to 52.5 in December of 2025 from 54.1 in the previous month, revised lower from the preliminary estimate of 52.9 and below the initial market estimate of 54 to reflect the softest increase in the sector in eight months.
The S&P Global US Composite PMI recorded 52.7 in December, the lowest in 8 months, down from 53 in the preliminary estimate and 54.2 in the previous month.