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The G20 Summit 2023 concluded in New Delhi on Sunday. From economic corridor to the Declaration, India managed to deliver a successful summit under it’s presidency. Similarly, markets last week managed to touch new highs despite global pressures. Sensex and Nifty, on Friday, extended their winning run into the sixth straight session. The S&P BSE Sensex, which touched a high of 66,767, eventually settled 333 points higher at 66,599. Sensex has now rallied 1,767 points in the past six trading sessions. On the other hand, the NSE Nifty that hit a high of 19,867 closed with a gain of 93 points at 19,820. continued their winning run into the fourth straight session because of late buying in index heavyweights, HDFC Bank, Bharti Airtel, and ITC.
Global oil benchmark Brent crude climbed 0.07 per cent to $89.98 a barrel. The rupee continued it’s fourth consecutive day on the downward trajectory. The domestic currency closed 24 paise higher at 82.99 (provisional) against the US dollar on Friday, helped by a firm trend in domestic equities and suspected intervention by the RBI. However, the rupee managed to appreciate after the Reserve Bank announced the discontinuation of incremental cash reserve ratio in a phased manner by October 7, 2023, forex traders said.
Here are some important factors that can impact the market on September 11.
In the week, several macroeconomic factors will be keenly observed by investors. The US is expected to announce it’s consumer price index (CPI) inflation on September 13. The CPI gained in July by 3.2 per cent, on a year-on-year (YoY) basis. This was the first time in more than a year that the CPI registered an upward trajectory.
India is expected to release the retail inflation data for August on Tuesday, i.e., September 12. This data will give an outlook on the RBI’s repo rate movements. The banking regulator raised it’s consumer price index (CPI) inflation forecast for July to September period by 100 points to 6.2 per cent in it’s last meeting. The RBI increased it’s CPI inflation outlook to 5.4 per cent for the current fiscal year as a whole, and left the repo rate unchanged.
Additionally, market is expected to react to other data coming in the week including the index of industrial production (IIP), wholesale price index (WPI) inflation, manufacturing output, forex reserves, and trade deficit data.
IPOs and Debuts
The market this week awaits six initial public offerings (IPO) across the main board and SME segment. From the mainboard segment, RR Kabel IPO will open for subscription on September 13, with a price band of Rs 983-1,035 per share. Samhi Hotels IPO will start accepting bids on September 14, with it’s issue comprising fresh shares worth Rs 1,200 crore and an offer-for-sale of 1.35 crore equity shares. Zaggle Prepaid Ocean Services IPO will be available for subscription from September 14 and it will comprise a fresh issue of Rs 392 crore, along with an offer-for-sale of 1.04 crore shares.
In the SME segment, Chavda Infra IPO and Kundan Edifice IPO will be open for subscription on September 12, while Cellecor Gadgets IPO will start accepting bids from September 15.
Additionally, Rishabh Instruments and Ratnaveer Precision Engineering will make their debut in the stock market on Monday. The former closed it’s issue last week with 31.65 times subscription, while the latter was oversubscribed 94 times.