Indian Stocks Eye Positive Bias Amid Consolidation
The Indian stock market is expected to maintain its positive bias next week as it consolidates gains, according to analysts. The focus will be on key economic indicators such as CPI inflation and WPI inflation for July, which are due to be released on August 12 and 14 respectively.
The RBI's interest rate decision will also be influenced by these numbers, with most economists expecting CPI inflation to rise to around 4.5 percent in July from 4.38 percent in the previous month. Core inflation is expected to remain contained at around 4.0-4.1 percent.
The market will also be keeping an eye on US-Iran negotiations and their impact on crude oil prices, as well as US inflation data due out next week. Brent crude futures recovered sharply from the week's low before closing 4.98 percent lower for the week at $83.55 a barrel.
The last lot of corporate earnings will also be released next week, with over 2,000 companies announcing their June quarter numbers. This includes Nifty 50 names such as Apollo Hospitals Enterprise and Grasim Industries.