On the flip side, oil and commodity exporters such as Saudi Arabia, Kazakhstan, Nigeria, Russia and Indonesia will see windfall losses
The announcement of macro data such as IIP for July month and CPI & WPI for August month will provide direction to the markets.
The Sensex ended 769.88 points lower at 36,562.91, while Nifty was down 225.40 points or 2.04% at 10,797.90.
Rupee successfully retested its multi-year breakout zone of 69 and is poised to retest its previous zone of Rs 74.5/$ and could even breach it
In the last four months, FIIs have infused over $11.5 billion into the Indian equities on the expectation of India’s improving growth prospects
Global brokerage firms expect further moderation in the growth rate and a possible rate cut after data released by the CSO showed that the Indian economy grew 6.6 percent in Q4.
India's growth estimate for FY20 has been raised by 10 basis points to 7.5 percent while for FY21 it has been retained at 7.7 percent.
Most experts feel that this week is likely to remain volatile ahead of MPC meet outcome and outcome of state elections which is due next week.
In 2017-18, the gross fiscal deficit of states was reported at 3.1 percent of the gross domestic product (GDP) compared to a target of 2.7 percent, according to Reserve Bank of India data.
According to the Central Statistics Office (CSO), India's economy expanded by 7 percent in the third quarter of last financial year, belying fears that note ban would have severely impacted economic activity.
But, there is one positive and that is economic data which is showing signs of improvement not just back home but across the globe.
Arjun Ram Meghwal, Union Minister of State for Finance, said that the 21st century belongs to Asia and India will lead the race if it excels in social banking.
Cement was the most telling example, with output declining 13.3 percent from a fall of 8.7 percent in December as the construction industry was badly affected by demonetisation.
Finance Minister Arun Jaitley today said the 8 per cent GDP growth can be achieved next fiscal on account of improved rural demand and better monsoon, even as he urged the Opposition parties not to "play games" in Parliament when it comes to passage of bills to initiate key reforms.
The increased use of digital technologies can boost productivity for the world's top 10 economies and add $1.36 trillion to their total economic output in 2020.
The ratings agency S&P raised its India GDP growth forecast to 7.9 percent from 6.2 percent for the year ending March 2016, citing as well rising investment and low oil prices.
Structural reforms like increasing FDI limit for certain sectors, deregulation of petrol and diesel are seen pushing India's growth in medium term, says Morgan Stanley's Manoj Pradhan.
Adrian Mowat of JPMorgan expects the US markets to drift down as they await the presidential election outcome, adding a surprise Mitt Romney win may lead to a rally.
HSBC's business activity index or services PMI, rose to 52.8 in April from 52.3 in March, while yesterday, the bank released manufacturing purchasing managers index which inched up to 54.9 in April, from 54.7 in March.
Rohini Malkani, chief economist from Citigroup tells CNBC-TV18 that FY12 growth is actually being understated in India at 6.9%. Check out her explanation.
CNBC-TV18 asks Dr Kaushik Basu if he should bother at all as he gets set to present his last economic survey tomorrow. After all, none of his fresh ideas have found acceptance in the FM's policies.
Here is a comprehensive list of demands from the world's fastest growing market- India Telecom. Will Budget 2012 connect with their wants?
Shubada Rao of Yes Bank tells CNBC-TV18 that upside risks to inflation still remains for our economy. She sees inflation coming in at 6-7%.
Despite the slowdown in agriculture, the economy of Andhra Pradesh grew at an impressive growth rate of 8.33% on the average, during the 11th Five Year Plan period, surpassing the country's GDP growth of 7.94% for the same period.