IIP, inflation data to drive market this week

IIP, inflation data to drive market this week
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New Delhi, Sep 9: Upcoming macroeconomic data announcements, including industrial production and inflation figures, are expected to chart the course of the equity markets in a holiday-shortened week ahead, say experts.
Bourses will remain closed on Thursday for Ganesh Chaturthi.
“We have some major data lined up ahead this week for Indian markets. Industrial and manufacturing production figures will be released for July. We have inflation numbers for August,” said Mustafa Nadeem, CEO, Epic Research.
Industrial production for July and inflation rate for August are due on Wednesday. Also, WPI inflation for August will come out on Friday.
“Investors will be keen on upcoming CPI inflation and US unemployment data to get some cues on market direction,” said Vinod Nair, Head of Research, Geojit Financial Services.
Movement of rupee and crude oil prices will also be crucial for market movement.
On the global front, investors would also watch the US-China trade issues.
Depreciating rupee and surging crude oil prices had a triggered fall in the market last week.
Over the last week, the Sensex fell by 255.25 points or 0.66 per cent to end at 38,389.82. Meanwhile, seven of the 10 most valued Indian companies suffered an erosion of Rs 756.84 billion from their market valuation last week, with FMCG major HUL taking the steepest hit.
In a weak broader market where the Sensex fell by 255.25 points or 0.66 per cent last week, the top seven blue chip companies, including State Bank of India (SBI), Maruti Suzuki India and ITC witnessed a decline in their market valuation.
In the top-10 list, only Reliance Industries Ltd (RIL), TCS and Infosys finished with gains.
The market capitalisation (m-cap) of Hindustan Unilever Ltd (HUL) tumbled Rs 294.49 billion to Rs 3.54 trillion.
SBI’s valuation plunged Rs 151.71 billion to Rs 2.60 trillion and that of Maruti Suzuki India dived Rs 110.16 billion to Rs 2.63 trillion.
The m-cap of ITC tanked Rs 107.02 billion to Rs 3.79 trillion and that of Kotak Mahindra Bank dropped Rs 71.30 billion to Rs 2.37 trillion Also, HDFC Bank’s valuation went down by Rs 11.94 billion to Rs 5.58 trillion and that of HDFC fell by Rs 10.18 billion to Rs 3.25 trillion.
On the other hand, the market cap of RIL soared Rs 227.84 billion to Rs 8.09 trillion.
Infosys added Rs 57.34 billion to its m-cap to reach Rs 3.20 trillion and TCS gained Rs 5.74 billion to Rs 7.96 trillion.