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NEW DELHI: Renewed trade tensions between the US and China and a 25 bps rate hike by the RBI failed to dampen the bulls' spirits, who showed who was in-charge in the week gone by.
On a weekly basis, BSE benchmark Sensex gained 0.58 per cent to end at 37,556 while NSE's Nifty added 0.73 per cent at 11,361.
"The gradual tightening by the RBI with a focus on maintaining balance between inflation and growth is a welcome sign.
Moderation in crude price on the expectation of oversupply and better quarterly results is expected to extend the current positive momentum," said Vinod Nair, Head Of Research at Geojit Financial Services.
"Largecaps and consumption-related sectors which offer safety net for investors are likely to do well."
So, what's in store next week Here's a look at major events that will shape the market in the week ahead.
Next set of Q1 results: The coming week will see some of the leading names of D-Street unveiling their June quarterly numbers.
Among big names, Adani Ports is lined up on August 6 while Mahindra Mahindra will come out with its report card on August 7.
Bharat Petroleum Corporation, Cipla, Hindustan Petroleum Corporation, Lupin and Siemens are all due to report their earnings on August 8.
Aurobindo Pharma and Eicher Motors will keep their date with earnings on August 9.
For GAIL (India), Hindalco Industries and State Bank of India, it's August 10.
India to impose import tariffs on US goods: According to a Reuters report, India will impose delayed tariffs on some US goods in September.
Trade differences between India and the United States have been on the rise since US President Donald Trump took office.
Bilateral trade rose to $115 billion in 2016, but the Trump administration is keen to bring down its $31 billion deficit with India and is pressing New Delhi to ease trade barriers, the report said.
Sino-US trade war: Tit-for-tat tariff sanctions between the two largest economies -- the US and China -- on the trade front is likely to keep investors on edge.
The Trump administration tightened pressure for trade concessions from Beijing this week by proposing a higher 25 per cent tariff on $200 billion worth of Chinese imports.
Striking back, China on Friday unveiled new sets of additional tariffs on $60 billion worth of US goods ranging from liquefied natural gas (LNG) to some aircraft.
US jobs data: US job growth slowed more than expected in July as employment in the transportation and utilities sectors fell, but a drop in the unemployment rate suggested that labour market conditions continued to tighten, Reuters reported.
Non-farm payrolls increased by 1,57,000 jobs last month, still more than the roughly 1,20,000 jobs per month needed to keep up with growth in the working-age population, the report added.
Monsoon progress: Monsoon rains will be normal in August and September, the India Meteorological Department said on Friday.
"The rainfall during August-2018 is likely to be 96 per cent plus/minus 9 per cent of LPA (Long Period Average) and expected to be higher than predicted in June," it said.
However, Skymet has downgraded its forecast for this year's monsoon, stating that the country might receive below normal rainfall, citing the continuing warming of the sea surface in the Pacific Ocean.
HDFC AMC IPO listing: Shares of HDFC AMC will list on the bourses on Monday.
The IPO, which ran on July 25-27, was a big hit with 83 times subscription.
Experts believe that the stock will see strong listing gains.
HDFC AMC is India’s most profitable fund house and made a profit of Rs 722 crore for the year ended March 2018 and ranks No.
2 by assets under management (AUM) in the local mutual fund industry.
What does the tech chart sayThe Nifty50 index on Friday formed a large bullish candle, just a day after it made a Bearish Belt Hold candle on the daily chart, suggesting that the bulls were not ready to give up easily.
“The uptrend shall remain intact as long as the Nifty50 stays above the 11,230 level, which can be regarded as a stop loss for all long positions.
It looks prudent for traders to book some profits as we head towards the said resistance zone,” said Mazhar Mohammad of Chartviewindia.in.
This apart, trend in global markets, investment by foreign and domestic investors, the movement of rupee against the dollar and crude oil price movement are other factors that may have a bearing on investors' thinking in the coming week.
