For equity investors, the Union Budget for 2023-24 and the US Fed’s interest rate decision will be the major events to watch out for this week, analysts said.
The ongoing earnings season, global market cues, domestic macroeconomic data announcements and auto sales numbers would also influence trading in the market, they added.
“The Union Budget is a key domestic event on February 1st, and the outcome of the US Federal Open Market Committee (FOMC) meeting scheduled for the same day late at night is a key global event. A bunch of companies will come out with Q3 earnings this week, while monthly auto sales numbers and macroeconomic numbers from the USA will be other important factors.
Also Read: Kidnapped for ransom, 26/11 survivor Gautam Adani faces his biggest challenge yet
“The market will continue to monitor the Adani Group. FIIs’ flow will be important,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Adani group stocks fell sharply last week after US-based investment research firm Hindenburg Research made damaging allegations against the conglomerate.
From the macroeconomic front, the Purchasing Managers’ Index (PMI) data for manufacturing and services sectors are due to be announced on Wednesday and Friday, respectively.
“With the Union Budget scheduled to be unveiled on February 1st, the week will be jam-packed with activity. The ongoing quarterly earnings will also have an impact on how each stock moves. The FOMC meeting will catch market players’ eyes on a…
