India GDP Data, Crude Prices to Drive Market Direction This Week

Indian equities are set to be influenced by various factors this week, including domestic growth data, global market cues, crude oil prices, and institutional flows. On Friday, August 28, benchmark indices, the BSE Sensex and NSE Nifty50, closed higher after a two-session losing streak.

The Nifty50 ended at 24,178, up 85 points or 0.35%, while the Sensex settled at 77,264, gaining 331 points or 0.43%. Market breadth was positive, with 1,918 stocks advancing on the NSE against 1,561 declines.

The week will begin with India's first-quarter GDP data, which is expected to show a growth rate of 7.3% in April-June quarter. According to economists polled by ET, resilient consumption and exports, along with robust government capital expenditure, are supporting growth despite supply chain disruptions and elevated commodity prices.

Ponmudi R, CEO of Enrich Money, noted that the US non-farm payrolls report due on Friday will be closely watched as markets assess the outlook for the Federal Reserve's September policy decision. Global market cues will also remain important, with investors tracking the US dollar and Treasury yields.