Sensex & Nifty are expected to remain range bound for the week, as investors will keenly watch for ECB and Fed policy-meeting outcome. On macro-data front, India�s GDP growth reported at 13.5% which is lower than RBI�s guidance of 16.2% and fiscal deficit came in at 5.2% of GDP. Infrastructure output in India increased 4.5% (Y-o-Y) in July 2022, the smallest rise since January 2022. India's trade deficit rose to USD 28.68 billion in August 2022 from USD 13.81 billion in the same period last year.
In the coming week, ECB policy-meeting outcome and China inflation data will be keenly watched.
Equity Market Summary:
o Wallstreet indices closed lower on Friday as US jobs data show no slowdown in jobs market and investors anticipate Fed to hike rates by 75 bps in September policy-meeting.
o European equity markets closed sharply higher on Friday ahead of ECB policy-meeting week.
o US economy added 315,000 jobs in August 2022 and unemployment rose unexpectedly to 3.7%. Wage growth declined moderately compared to yearly average rate.
o Annual inflation rate in the Euro Area accelerated to 9.1% in August 2022 from 8.9% in July 2022, above market forecasts of 9%.
o China service PMI declined to 3 months low of 52.6 levels in August 2022 from 53.8 levels a month earlier.
