Global cues, progress of monsoon to dictate market trend
Trend in global markets, investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs), the movement of rupee against the dollar, crude oil price movement and the progress of monsoon rains will also dictate trend on the bourses in the near term.
Shares of public sector oil marketing companies (PSU OMCs) will be in focus as they undertake a review of fuel prices during the middle of the month. The review takes place during the middle of the month and on the last day of the month based on the average imported oil price in the preceding fortnight.
Investors continue to watch the progress of the monsoon rains which will have a bearing on food prices and rural income. India's weather office, the India Meteorological Department (IMD), said in a weekly report issued on 13 August 2015, that the rainfall was 31% below normal for the country as a whole during the period from 6 August to 12 August 2015. In its separate daily monsoon update issued on 13 August 2015, IMD said that for the country as a whole, cumulative rainfall during this year's monsoon season was 9% below the Long Period Average (LPA) until 13 August 2015.
The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
Among global events, Japan releases second-quarter gross domestic product data on Monday, 17 August 2015.
On Wednesday, 19 August 2015, the US Federal Reserve releases minutes from its July 28-29 meeting that may shed light on the debate policy makers are having over the timing of the first increase in the nation's benchmark interest rate since 2006.
All eyes will be on Greece ahead of debt repayment deadline of 20 August 2015. The country must make a 3.2 billion-euro ($3.6 billion) payment to the European Central Bank by 20 August 2015. Greece's creditors are seeking to reach an agreement on an aid program in time for the country to make the payment.