Investors may remain cautious today as they await the June quarter GDP numbers to be released later in the day. Data on forex reserves, infrastructure output, and bank loan growth will also be released today.
According to an internal assessment by the Reserve Bank of India, the economy is expected to have grown at 5.5 per cent in the recently concluded quarter.
The Reserve Bank of India (RBI), in its Annual Report released yesterday, has identified the slowdown in the Indian economy as 'cyclical', "with deep structural problems requiring urgent reforms".
That apart, Market participants will continue to track global cues, stock-specific action, oil price movement, and the Rupee's trajectory. Concerns over an impending global recession could also influence investor sentiments.
>> Now let's see how the global markets have performed, and what it meant for Sensex and Nifty.
Overnight, Wall Street settled higher on Thursday after China’s commerce ministry said Beijing and Washington were discussing the next round of face-to-face talks scheduled for September. The Dow Jones, the S&P 500, and the Nasdaq Composite all added over 1 per cent each.
Asian shares also ticked higher on Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.4 per cent, Japan's Nikkei jumped 1 per cent while South Korea's KOSPI index gained 1.3 per cent.
Back home, the benchmark indices ended lower on Thursday.
The Sensex closed at 37,069 level, down 1.02 per cent, and the Nifty50 closed at 10,948-mark, down 0.89 per cent.
Trends on SGX Nifty, however, suggest a flat start to the indices.
Now, let's take a look at the top headlines for the day and the stocks that will remain in focus--
>> Bank stocks could be under pressure after the RBI's annual report revealed that bank frauds in FY19 increased by 15% YoY. The amount involved is likely to have jumped 74%
>> Union Finance Minister Nirmala Sitharaman Thursday said the Centre will announce two more big steps in the coming days to give momentum to industry.
>> Rating agency ICRA on Thursday terminated its Managing Director (MD) and Group Chief Executive Officer (CEO) Naresh Takkar’s employment, pending an inquiry by the Sebi.