Analysts predicted that the equities market will be governed by the RBI’s interest rate decision, macroeconomic data, and global trends during the holiday-shortened week.
Both Tuesday in observance of “Mahavir Jayanti” and Friday in observance of “Good Friday” will see the closure of the equity markets.
According to experts, attention will also be paid to trading activities by overseas portfolio investors.
“Investments made by FIIs, who are now tiny net purchasers, and DIIs will be watched carefully. The RBI MPC meeting will be watched closely by the market. The RBI policy conclusion is expected on April 6,” Pravesh Gour, senior technical analyst, Swastika Investmart, was cited as saying by news agency PTI.
Maruti Suzuki, Hyundai, and Tata Motors recorded their highest-ever dispatches to dealers in the most recent fiscal year, according to statistics on car sales, helping the domestic passenger vehicle sector to record its best-ever performance to date.
On the macroeconomic front, S&P global manufacturing PMI and services PMI data are planned for release on April 3 and April 5, respectively. The primary highlight would be the conclusion of the MPC policy review meeting on April 6, which is also a holiday-shortened week.
“Global signals and patterns of foreign flows will also be under focus, in addition to local variables,” said Ajit Mishra, vice president of technical research at Religare Broking.
The 30-share BSE benchmark increased 1,464.42 points (2.54%) last week. On Friday, the Sensex soared 1,031.43 points, or 1.78 percent, to reach 58,991.52.
The RBI’s policy meeting this week will continue to be the major topic of discussion in the near future, according to Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.
On Friday, markets in Asia, Europe, and the US closed in the green as worries about more financial instability subsided.
According to Vinod Nair, head of research at Geojit Financial Services, investors in India are anxiously expecting the results of this week’s RBI MPC meeting as well as PMI data.
As a key indication for predicting the Federal Reserve’s future actions, personal consumption expenditures figures are eagerly anticipated in the US, according to Nair.
