RBI policy, global cues to dictate trend
Jun 03, 2022 04:19 PM | Source: capitalmarket.com
The outcome of the Reserve Bank of India's (RBI) monetary policy meeting and global cues will set the course for the stock market next week.
Investment by foreign portf...
The outcome of the Reserve Bank of India's (RBI) monetary policy meeting and global cues will set the course for the stock market next week.
Investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) will be tracked. Other factors such as rupee's movements against the US dollar and fluctuations in crude oil prices as well as developments on monsoon's progress will impact investors' risk-taking appetite.
Brent crude hovers above $117 per barrel mark. Spike in oil prices raises India's import bill as the country imports majority of its crude requirements. A weak rupee raises the cost of importing crude oil.
RBI's Monetary Policy Committee (MPC) is scheduled to meet on 6 to 8 June 2022. After the 40 basis points off-cycle rate hike on 4 May 2022, RBI is widely expected to increase the policy rate further.
India's industrial production data for April will be unveiled on Friday (10 June). India's industrial production grew 1.9% year-on-year in March 2022, advancing from a downwardly revised 1.5% rise in the previous month.
In the foreign market, the United States will declare trade data for April on Tuesday, 7 June 2022. The US trade deficit widened sharply to a record high of $109.8 billion in March of 2022.
China's trade data for May will be published on Thursday, 9 June 2022. China's trade surplus surged to $51.12 billion in April 2022, up from $40.89 billion in the same month a year earlier.
The United States and China will declare their inflation data for May on Friday, 10 June 2022.