Achi news desk-
Last week, the BSE benchmark climbed 596.87 or 0.81 percent. It hit a record high of 74,501.73 on April 4.
Equity markets will remain closed on Thursday for Eid-Ul-Fitr.
Global trends, macroeconomic data announcements and the start of earnings season would be the main drivers for the equity markets in a holiday-shortened week, analysts said.
Equity markets will remain closed on Thursday for Eid-Ul-Fitr.
Trading activity of foreign investors, rupee dollar trends and crude oil prices would also drive trends in markets.
“Indian companies are set to kick off a new Q4 corporate earnings season this week. Leading the pack is IT services giant TCS, which will kick off earnings season for the quarter ending March 2024.
“Its results for the fourth quarter of FY24 will be announced on April 12, 2024, after market trading hours. Apart from that India’s industrial production data will also be published on 12 April 2024. On the same day, inflation for March will be declared,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Investors will closely monitor the movement of the rupee against the dollar, crude oil prices, and the investment activities of Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs), Meena added.
Last week, the BSE benchmark climbed 596.87 or 0.81 percent. It hit a record high of 74,501.73 on April 4.
“The outlook for the market will be led by major domestic and global economic data, India’s CPI and BmP data, US consumer inflation, US business optimism index, US initial jobless claims and ECB (European Central Bank) interest rate decision,” said Arvinder Singh Nanda, Senior Vice President, Master Capital Services Ltd.
Ajit Mishra, SVP – Technical Research, Religare Broking Ltd, said this week marks the start of the earnings season and the focus will be on the IT majors initially.
“This week, the focus will shift to Q4 earnings season as TCS will announce its results on 12 April. Also, markets will take cues from global events such as India and US inflation data, and the ECB policy meeting. Overall, we expect the market to consolidate in a broader range with stock-specific action,” said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services Ltd.
(This story has not been edited by News18 staff and is published from the feed of a syndicated news agency – PTI)
