The upcoming budget session would be key event that the market would be looking for next week. Finance Minister Nirmala Sitharaman will present the Union Budget for the financial year 2023-24 in Parliament on February 1. FM Sitharaman will reportedly try to play the balancing act by accommodating both the common taxpayer's demand to some extent and laying the ground for more pressing issues like job creation, GDP growth, fiscal deficit and capital expenditure push for infrastructure, manufacturing and other sectors. The December 2022 quarterly results season is underway. NTPC will announce its earning on 28 January 2023. Bajaj Finserv, Bajaj Holdings & Investment, Bharat Petroleum Corporation, GAIL (India), Larsen & Toubro, Tech Mahindra will be announcing Q3 results on 30 January 2023. ACC, Coal India, Indian Oil Corporation, Power Grid Corporation of India, Sun Pharmaceuticals Industries will declare their results on 31 January 2023. HDFC, Titan Company will declare their earnings on 2 February 2023. ITC, State Bank of India, Tata Power Company will declare their results on 3 February 2023. Auto stocks will be in focus as auto companies will start announcing monthly sales numbers for January starting from 1 February 2023.

On the domestic macro front, S&P Global Manufacturing PMI for January will be declared on 1 February 2023. S&P Global Services PMI for January will be declared on 3 February 2023.

Trend in global stock markets, the movement of rupee against the dollar and crude oil prices will dictate trend on the bourses in the near term. Investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) will be monitored. Volatility is likely to remain high amid the ongoing Russia-Ukraine crisis and renewed fears of a rise in Covid cases in many countries.

Overseas, China will announce the NBS Manufacturing PMI for January on 31 January 2023.

China will announce the Caixin Manufacturing PMI for January on 1 February 2023.

The US Federal Reserve (Fed) will announce its interest rate decision after its two-day policy meeting on 1 February 2023.

The US ISM Manufacturing PMI for January will be declared on 1 February 2023.

The European Central Bank (ECB) will announce its decision on interest rate on 2 February 2023.