In the next week, which will be shorter due to holidays, experts predict that the US Federal Reserve’s interest rate decision, corporate quarterly results, and domestic macroeconomic data will all have an impact on equities market trade.
This week’s market movement will also be influenced by foreign funds trading activities, monthly vehicle sales figures, and worldwide trends, they noted.
Monday’s markets will be closed in observance of “Maharashtra Day.”
“More tax increases and a recession continue to cloud the global picture. While the ECB will announce its interest rate decision on May 4, all eyes will be on the Federal Open Market Committee’s (FOMC) statement, which will be released on May 3. In the short run, macroeconomic data will keep the market’s sentiment downbeat.
Additionally, FIIs frequently provide funding to the Indian equity markets, as evidenced by Friday’s record purchase of Rs 3,304 crore in the cash market, according to Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
The domestic market will move this week based on Q4 earnings and vehicle sales data. The few Nifty 50 businesses that will report their financial results this week are Tata Steel, Titan, Hero MotoCorp, and HDFC Ltd, Gour noted.
Adani Green Energy, Ambuja Cements, Tata Steel, UCO Bank, Adani Enterprises, Bharat Forge, and Federal Bank are a few additional companies whose profits will be announced this week.
According to Vinod Nair, Head of Research at Geojit Financial Services, “In the domestic market, the release of PMI numbers and quarterly earnings will sway investor sentiment in the upcoming sessions, along with the Fed policy announcement.”
Data from the manufacturing and service sectors’ Purchasing Managers’ Index (PMI) will have an impact on market trade.
According to Amol Athawale, Technical Analyst (DVP), Kotak Securities Ltd, “while the markets may have risen sharply over the past few sessions due to revival in FII buying interest, relatively better corporate earnings performance so far, and falling crude oil prices, caution may prevail going forward and profit-taking could come into play.”
The BSE benchmark increased by 1,457.38 points, or 2.44 percent, last week.