Key D-Street Drivers This Week: RBI MPC, Sept F&O Expiry, INR Movement & More

By Malvika Gurung — The week ending Sept 23 witnessed high volatility in markets globally amid rising recessionary pressures as the US Fed raised its benchmark interest rate by 75 basis points and announced an ultra-hawkish monetary tightening policy going ahead, reinstating its fight against red-hot inflation.

The past week also witnessed a multi-year jump in the and fluctuating oil prices, along with escalating geopolitical tensions after Moscow ordered a partial mobilisation of military forces in Ukraine.

Indian equity benchmarks and fell over 1% last week, continuing a second weekly slide and tumbled almost 2.7% in the past three consecutive sessions.

The tumbled for the eighth consecutive day on Friday, plunging to a lifetime low of 81.23 against the US dollar, breaching the 81-mark for the first time.

Market experts peg the upcoming week to witness volatility and range-bound trade. Rupak De of LKP Securities sees a negative trend, which may take the Nifty50 towards 17,000 over the short term.

Here are some key events in the week ahead which will likely influence trading on Dalal Street.

  • RBI will announce its three-day ’s outcome at 10 am on Sept 30, with expectations of a 50 bps rate hike.
  • It will be the expiry week for September F&O contracts, adding volatility to the market.
  • Production data for 8 core sectors, including oil, , coal, steel and more will be released.
  • Global data like the for the June quarter and Japan’s economic data, among others will be released.
  • The core engineering company Harsha Engineers will debut on the Indian bourses on Monday.

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