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Domestic equity markets moved in an upward trajectory last week. The BSE benchmark gained 1,239.72 points or 1.86 per cent, and the Nifty jumped 372.4 points or 1.87 per cent. On Friday itself, the markets rallied for the 11th consecutive day, with the BSE Sensex moving up by 319.63 points or 0.47 per cent to close at a record 67,838.63. Further, the benchmark index rallied 408.23 points in the day to hit a new all-time intra-day high of 67,927.23. The Nifty gained 89.25 points or about 0.44 per cent and closed at an all-time high of 20,192.35. The index hit a lifetime intra-day high of 20,222.45 during the day.
Global oil benchmark Brent crude climbed 0.26 per cent to $93.94 a barrel. Meanwhile, the rupee fell 12 paise to settle at 83.15 (provisional) against the US dollar on Friday, dragged down by rising crude oil prices and a strong greenback against major rivals overseas. However, a positive trend in domestic markets restricted the downside for the local unit, forex traders said. At the interbank foreign exchange market, the local unit opened at 83.02 against the US dollar and moved in a range of 82.98 and 83.20. The rupee finally settled at 83.15 (provisional) against the US dollar, down 12 paise from its previous close. On Thursday, the rupee closed 2 paise lower at 83.03 against the US dollar.
Here are some important factors that can impact the market on September 18.
The week will primarily focus on the monetary policy as interest rate decision from the US Fed is awaited. Fed policymakers are scheduled to meet for the latest Federal Open Market Committee (FMOC) on Tuesday and their call on interest rates will be announced on Wednesday. Additionally, the Bank of England and Bank of Japan will also reveal their decisions on interest rates between Tuesday and Friday.
In the week, several macroeconomic factors will be keenly observed by investors. The US is scheduled to announce it’s housing data on Tuesday. Additionally, it will reveal initial jobless numbers on Thursday and the latest purchasing manager indexes for the manufacturing and service sector in the week. Notably, 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.
Further, the Eurozone is scheduled to come out with it’s inflation data for August on Tuesday and other data including construction output for July in the week. In addition to the interest rate decision to be revealed by the Bank of Japan on Friday, Japan is expected to announce it’s balance of trade and inflation data for August, and it’s composite PMI Flash for September along with some other data in the week. The United Kingdom will reveal it’s interest rate call on Thursday, along with inflation data for August on Wednesday. It will also announce it’s retail sales data for August towards the end of the week.
Domestic equity markets will stay closed on Tuesday on account of Ganesh Chaturthi.
The market will see some action with three mainboard IPOs scheduled in the week. Sai Silks, the Hyderabad-based saree retailer, will open it’s initial public offering (IPO) for subscription on September 20. It will be available at a price band of Rs 210-222 per share, and investors can place a bid for a minimum of 67 shares in one lot.
Real estate firm Signature Global will start accepting bids for it’s IPO on September 20. The IPO will be priced in the range of Rs 366-385 per share. The IPO includes a fresh issue of shares worth Rs 603 crore and shares worth Rs 127 crore offered by the company’s existing shareholder, International Finance Corporation.
Vaibhav Jewellers will be available for bidding from September 22 at a price range of Rs 204-215 per share. The IPO will include a fresh issue worth Rs 210 crore and investors can place bids for a minimum of 69 shares in a lot.