The stock market is expected to remain bullish this week. From India and US GDP data to Reliance Industries’ AGM and other events, the market movement will be decided. Last week, the Sensex rose 0.81% and the NSE Nifty rose 1.15%, while the Nifty Midcap 100 index closed up 1.6% and the Nifty Smallcap 100 index closed up 3.50%. Five factors will decide the market movement:
1. India’s June quarter GDP: The first quarter data for 2024-2025 will be released on August 30. Economists expect GDP to be in the range of 6-7% in the April-June quarter. GDP was 7.8% in the March quarter. According to experts, contraction in government capital expenditure and decline in urban consumer confidence may impact growth. The Reserve Bank of India has already lowered its growth forecast for Q1FY25 from 7.3% to 7.1%. 2. Reliance Industries AGM: The 47th Annual General Meeting of Reliance Industries, owned by billionaire Mukesh Ambani, will be held on August 29 at 2:00 pm. The stock gained 1.47% during the past week. It is expected to rise this week. The uptrend continued. In this meeting, the IPO of Reliance Jio Infocomm as well as Reliance Retail may be announced. Discussions have been going on about this for a long time. Apart from this, the stock market will also focus on the update of the company’s future plans regarding the news energy business. 3. US GDP figures: The second estimate of US Q2-CY24 GDP will be released on August 29. Earlier, in the first estimate published in July, GDP grew at the rate of 2.8%. At the same time, GDP grew at the rate of 1.4% in Q1-CY24. Apart from the US GDP figures, investors will also keep an eye on the weekly job data, core PCE price index and real consumer spending figures. PCE rose 0.2% in June. This is the Federal Reserve’s preferred gauge of measuring underlying inflation. 4. Nine companies will launch IPOs: The primary market will see a lot of activity this week, with nine IPOs coming to the broker street and 8 companies making their debut in the stock market. Three initial public offerings will be from the mainboard and 6 will be in the SME segment. Interarch Building Products’ stock will be listed on BSE and NSE on August 26. Orient Technologies’ stock will be listed on the stock exchanges on August 28. 5. Foreign and domestic investors: Last week, there was selling pressure from foreign institutional investors (FIIs) in the cash segment. Last week, FIIs sold shares worth Rs 1,609 crore, taking the total monthly outflow to Rs 30,586 crore in August. Domestic institutional investors (DIIs) are supporting the market by buying at every fall. DIIs bought shares worth Rs 13,020 crore last week. This purchase has increased to Rs 47,080 crore for the entire month. That is, FIIs are net sellers and DIIs are net buyers.
