Achi news desk-
This week’s focus will continue on earnings season along with global cues. (Representative image)
Moreover, trends in Brent crude oil and the movement of the rupee against the dollar will also be crucial factors.
Analysts identified the Iran-Israel conflict, quarterly earnings, and foreign investor trading activity as the main concerns that will determine the course of stock markets this week.
In addition, the trajectory of Brent crude oil and fluctuations in the rupee against the dollar will also play a central role.
This week will be crucial for the market amid ongoing concerns about the conflict between Iran and Israel, said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
“If tensions rise significantly, there is a risk of panic selling and more volatility across global stock markets. Moreover, the market will keep a close eye on fluctuations in crude oil prices, as they are often affected by geopolitical events.
Key Results This Week
“Investors will also watch for important earnings from Tech Mahindra, Bajaj Finance, Nestle, Bajaj Finserv, HCL Technologies and Maruti,” Gour said.
The focus this week will continue on earnings season along with global cues, said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
“Index heavyweights like Hindustan Unilever, Maruti, and Bajaj Finance will announce their results. Investors would also track economic data points such as the US manufacturing and services PMI data, the US Q1 GDP number, and the Japanese policy statement,” Khemka said.
HDFC Bank on Saturday reported a 2.11 percent growth in consolidated net profit to Rs 17,622.38 crore for the March 2024 quarter against Rs 17,257.87 crore in the previous December quarter.
Global Impact
Among global events, the Bank of Japan will announce its interest rate decision on April 26, 2024, he added.
“Movement in US bond yields and the dollar index will be important factors influencing market sentiment,” Gour added.
Markets edged lower amid excess volatility and lost over one and a half percent, tracking weak global cues, said Ajit Mishra – SVP, Research, Religare Broking Ltd.
“Expect volatility to remain elevated this week as well, citing the weak global cues and ongoing earnings season,” he added.
Last week, the benchmark BSE fell 1,156.57 points or 1.55 percent and the Nifty fell 372.4 points or 1.65 percent.
(With PTI inputs)
