Market Outlook: RBI MPC, PMI, and Global Economic Data – Key Factors for Next Week
Investors are gearing up for another eventful week in the Indian market as key economic factors take the spotlight. Last week, the market saw positive gains following the BJP-led alliance Mahayuti’s victory in the Maharashtra Assembly elections. Nifty closed at 24,131, up 0.94%, and Sensex closed at 79,802, up 0.87%.
Despite global uncertainties causing volatility, banking shares led the rally with Bank Nifty closing at 52,055, up 1.80%. HDFC Bank reached a new all-time high of Rs 1,836. Foreign institutional investors (FIIs) reduced their selling, with purchases totaling Rs 6,924 crore by domestic institutional investors (DIIs) from Nov 25 to Nov 29.
Experts suggest that upcoming economic data, such as RBI’s MPC meeting, will drive market movements. With GDP growth at 5.4% in Q2 FY25, investors are eyeing potential rate cuts in February due to slower growth. Service and manufacturing PMI data, auto sales, and US job figures will also be closely watched.
Charting Nifty 50’s positive trend, Director of Master Capital Services, Palka Arora Chopra, highlights the importance of the 23,800-23,850 support zone. Staying above this level is crucial for further gains, with a potential downside towards 23,400 if breached.
As we head into the week, all eyes will be on these key economic indicators that will shape market sentiment and direction.
