Winning Bizness Desk
Mumbai. There may be ups and downs in the stock market this week. According to analysts, next week the first quarter (Q1FY24 i.e. April-June) results of 1800 companies, decision on repo rate in RBI Monetary Policy Committee meeting, IIP data, foreign exchange reserve data, US inflation, FII inflow and crude oil price But will keep an eye on the market. Owing to regular selling at a high level, BSE Sensex and NSE Nifty major indices suffered losses last week. The 10 largest companies suffered a loss of Rs 1,09,947.86 crore during the week. SBI suffered the most. Apart from this, Reliance Industries, ICICI Bank, Hindustan Unilever, ITC, SBI, Bharti Airtel and Bajaj Finance were also losers, while TCS, HDFC Bank and Infosys gained.
However, the week starting from Monday, August 7, can prove to be helpful in bringing the market movement back on the fast track, because there are many factors during the week, which can help the market. Talking about the last week, during the week ending August 4, the BSE Sensex fell by 439 points, or 0.66 percent, and closed at 65,721 points. At the same time, the Nifty closed at 19,517 points, down 129 points, or 0.7 percent. Hero MotoCorp, SBI and Apollo Hospitals were among the top losers during the week. During this period, 21 out of 50 stocks of Nifty 50 registered gains.
All Eyes on RBI
Looking at the condition of the next week, there are many domestic and external factors in the coming 5 days, which can directly affect the movement of the market. On the second day of the week i.e. on August 8, the meeting of the Monetary Policy Committee of the Reserve Bank is starting. The results of the MPC meeting will be revealed on Thursday, 10 August. The Reserve Bank has kept the repo rate stable since the last two meetings, but this time there are challenges before it. Inflation has once again started raising its head. In such a situation, the decision of the Reserve Bank is going to have a big impact on the market and investors' sentiment. It will be interesting to see whether the Reserve Bank maintains the priority of controlling inflation or chooses the path of supporting growth.
Hundreds of companies to announce the result
Some important economic figures are also going to be released during the new week. Industrial production and manufacturing figures for the month of June will be released during the week. These figures will come out on 10 August. At the same time, the result season for the first quarter has also gained momentum. In such a situation, the quarterly results of companies can have a great impact on the market. In the next 5 days, the results of major companies like Adani Ports, Coal India, Hero MotoCorp, Hindalco and ONGC are going to be released.
