Dalal Street Week Ahead: Macro data, F&O expiry, FII activity, global cues set to drive market

With the corporate earnings season now largely behind, the focus is set to shift to global cues and trading activity by foreign institutional investors on Dalal Street this week, after Fed Chair Jerome Powell last week hinted at the onset of reductions in benchmark interest rates in the world's largest economy. Last week, domestic equity benchmarks rose about one per cent each, with the Sensex registering a weekly gain of 649.4 points and the Nifty50 climbing up 282 points. Here's a list of events and signals to track in the market this week.

GLOBAL CUES

• Tuesday, August 27: Germany GDP data, Hong Kong trade data, US consumer confidence data
• Wednesday, August 28: France consumer confidence data, US crude stockpiles data
• Thursday, August 29: Eurozone consumer confidence data, Germany inflation data, US GDP data, US jobless claims data
• Friday, August 30: Japan inflation, industrial production & consumer confidence data, France GDP & inflation data, Eurozone inflation data

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Last Friday, the three main US equity benchmarks - the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite, rallied to finish the session 1.1-1.5 per cent higher after Federal Reserve Chairman Jerome Powell's dovish comments at the annual Jackson Hole symposium in Wyoming, United States, cemented hopes of a rate cut in the upcoming scheduled review next month as well as in the following months.

In his keynote address at the annual gathering where policymakers, economists, and financial experts from around the world discuss economic issues and policies, Powell said that the "time has come" to lower the benchmark interest rates while acknowledging that "the upside risks of inflation have diminished."

DOMESTIC CUES

Official GDP data for the April-June period is due to be released post-market hours on Friday.

Institutional investor trading activity will continue to be in focus. In August so far, foreign institutional investors (FIIs) have net sold Indian equities worth Rs 30,585.8 crore while domestic institutional investors (DIIs) have made net purchases of Rs 47,080.4 crore, according to provisional exchange data.

Corporate earnings

Corporate action

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