Indian equity markets enter the next week with a significant boost from domestic macro data, despite persistent global trade anxieties.
The headline event was India’s Q3 FY26 GDP growth, which came in at a robust 7.8% under the newly revised 2022-23 base series, comfortably beating the widely reported estimate of 7.4%. This resilience is further supported by a cooling inflation trajectory, with January CPI settling at a multi-month low of 2.75%.
While domestic fundamentals appear rock-solid, global cues remain a mixed bag. Latest data showed that the U.S. core PCE remained sticky at 3.0%, while China’s factory activity slipped into contraction with a January PMI of 49.3, signaling fragile global demand.
Going ahead, themes like banking and auto could witnessed renewed interest from investors in the wake of strong credit growth and rural recovery. Caution would prevail with respect to export-oriented IT stocks as new chapters from the “Claude Code” get published.
In India, the final reading for the HSBC Manufacturing PMI for the month of February would be unveiled on Monday (02 March 2026). The HSBC India Manufacturing PMI rose to 57.5 in February 2026 from 55.4 in January, preliminary estimates showed. This signals robust expansion in factory activity and marks a four-month high, as output growth accelerated, supported by stronger domestic demand, while new orders increased at the fastest pace since last November.
Monday would also see the release of Industrial Production data for January 2026. The industrial production in India rose by 7.9% from the previous year in December of 2025, picking up from the upwardly revised 7.2% advance in the earlier month, marking the sharpest pace of growth since October of 2023.
On Wednesday (04 March 2026), the final reading for the HSBC Services PMI and the HSBC Composite PMI for the month of February would be made public.
The HSBC India Services PMI edged down to 58.4 in February 2026 from 58.5 in January, pointing to a slightly slower but still strong expansion in services activity, preliminary estimates showed. While overall business activity softened marginally, services firms recorded a notable acceleration in new export orders, with international sales rising at the fastest pace since August 2025.
The HSBC India Composite PMI increased to 59.3 in February 2026 from a final 58.4 in the previous month, flash data showed. It was the highest reading since last November, amid a quicker upturn in factory production, as growth of services activity was broadly similar to that in January.
On Friday (06 March 2026), the Foreign Exchange Reserves position for the period ended on February 27 would be released. Foreign Exchange Reserves in India decreased to $723,610 million in the week eneded on February 20 from $725,730 million in the previous week.
In China, the RatingDog Manufacturing PMI for February 2026 would be released on Monday (02 March 2026). The RatingDog China General Manufacturing PMI increased to 50.3 in January 2026 from December’s reading of 50.1.
The year-to-date (YTD) Foreign Direct Investment for January 2026 would be announced on the same day. Foreign direct investment (FDI) into China fell 9.5% to CNY 747.77 billion in 2025, following a sharp 24.7% decline in 2024 and marking the third consecutive year of contraction.
On Wednesday (04 March 2026), the NBS Manufacturing PMI and the NBS Non-Manufacturing PMI for the month of February would be unveiled.
China’s official NBS Manufacturing PMI fell to 49.3 in January 2026 from 50.1 in the previous month. The latest reading signaled a loss of momentum in factory activity at the start of the year.
China’s official NBS Non-Manufacturing PMI fell to 49.4 in January 2024 from 50.2 in the previous month, missing market expectations of 50.3. The deterioration reflected weak post-holiday demand, cautious consumer spending, and persistent stress in the property sector.
Wednesday would also see the publication of the RatingDog Services PMI for February 2026. The RatingDog China General Services PMI edged up to 52.3 in January 2026 from December’s six-month low of 52.0. The reading signaled the strongest services-sector expansion since October.
In the United States, the ISM Manufacturing PMI for the month of February would be made public on Monday (02 March 2026). The ISM Manufacturing PMI for the US unexpectedly rose to 52.6 in January 2026 from 47.9 in December.
On Wednesday (04 March 2026), the ISM Services PMI for February 2026 would be released. The ISM Services PMI for the US steadied at 53.8 in January 2026, the same as a downwardly revised 53.8 in December.
On Friday (06 March 2026), the Non Farm Payrolls data for the month of February would be announced. The US economy added 130K payrolls in January 2026, much higher than a downwardly revised 48K rise in December.
The Retail Sales data for January 2026 would also be made public on the same day. US retail sales unexpectedly stalled in December 2025, following a 0.6% increase in November.
Friday would also see the unveiling of the Unemployment Rate for February 2026. The US unemployment rate ticked down to 4.3% in January 2026 from 4.4% in December. The number of unemployed declined by 141,000 to 7.36 million, while total employment rose by 528,000 to 164.52 million.