Major Q4 earnings, economic data, global trends to define markets in holiday-shortened week

Trading in the Indian market will be closed on April 14 on the occasion of Dr Baba Saheb Ambedkar Jayanti.Last week, Sensex gained by at least 841.5 points or 1.4%, while Nifty 50 also rallied by more than 239 points or 1.4%.

Pooja Sitaram Jaiswar
Updated9 Apr 2023, 11:41 AM IST
Markets have been on a winning spree for the past 5 trading sessions.
Markets have been on a winning spree for the past 5 trading sessions.(iStock)

The market is set for yet another holiday-shortened week. Although markets will have only four trading sessions, however, it has ample developments to react to. India's factory output, inflation data along with major Q4 earnings of IT companies alongside global trends will dictate the market from April 10th to 13th. Additionally, foreign funds flow, movement of rupee, and crude oil prices performance will also have their share of setting the tone.

Trading in the Indian market will be closed on April 14 on the occasion of Dr Baba Saheb Ambedkar Jayanti.

Ajit Mishra, VP - Technical Research, Religare Broking said, the "week kick starts the earnings season and the two IT majors viz. TCS and Infosys and banking heavyweight, HDFC Bank, will announce their numbers. Besides, on the macroeconomic front, participants will be eyeing IIP and CPI inflation on April 12 and WPI Inflation on April 14. Apart from domestic factors, global cues and trends of foreign flows will also be in focus."

Further, going ahead, Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "D-street will focus on the macro trends. Markets going will be dictated by global news flows and steps taken by different governments to tackle their economy. On the economy front. RBI kept the Repo rate unchanged at 6.5%. SDF rate unchanged at 6.25% and MSF rate is unchanged at 6.75%. All six members voted in favor of the pause."

Meanwhile, Vinod Nair, Head of Research at Geojit Financial Services said, given the upside horizon on domestic growth and a stable financial market, India is expected to have an edge in the performance of equities going forward.

Nair added, "We can expect FII inflows to prosper going forward. However, the high level of inflation should meaningfully drop during the latter part of the year, or else the positivity will be lost. FOMC meeting minutes are to be announced next week, which can have an impressive effect on the global market. Investors are looking for signs of a future FED interest rate pause, which can have a positive impact on the global market else vice versa."

Deepak Jasani, Head of Retail Research, HDFC Securities believes Nifty could rise some more towards 17800 over the next few sessions while 17428 could offer support.

According to Mishra, the last two weeks of the rebound has certainly eased pressure but we need a decisive close above 17,700 in Nifty for a short-term trend reversal. Banking, financials and FMCG majors have played their part in the initial leg of recovery and now contributions from other key sectors like energy, IT and auto would be critical to help Nifty to retest 18100+ zone. In case of any profit-taking, 17200-17400 zone would offer the needed support. Meanwhile, we recommend continuing with “buy on dips” approach, with focus on risk management citing rise in volatility due to upcoming earnings season.

Last week, Sensex gained by at least 841.5 points or 1.4%, while Nifty 50 also rallied by more than 239 points or 1.4%.

The latest print of Sensex is 59,832.97 and the Nifty 50 at 17,599.15. Last week, markets had only 3 trading sessions with holidays on April 4th and April 7th. Nair said that it was an encouraging week for the Indian stock market, with a solid upside compared to other EMs which were muted.

He pointed out that the release of positive monthly auto sales data, higher-than-expected PMI manufacturing data, strong quarterly bank and NBFC numbers, and a cut in windfall tax were the driving factors. Above all, the surprising pause in interest rate hikes by the RBI was the game changer.

RBI surprised the street by keeping the repo rate unchanged at 6.5%. However, it also maintained its "withdrawal of accommodation" stance on the policy as well.

Markets have been on a winning spree for the past 5 trading sessions. From March 29 to April 6th, Sensex zoomed by 2,014 points or 3.5% and Nifty 50 advanced by 599.15 points or 3.5%.

 

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess

News in Numbers

Numbers that help you understand news better
₹68,885 Cr

3.15L

48%

₹6.7 T

$240.5 M

$459 M

$3 B

₹588.25 Cr

₹20,000 Cr

7.93 Cr

₹8,943 Cr

10%

20 Yrs

First Published:9 Apr 2023, 11:41 AM IST
HomeMarketsStock MarketsMajor Q4 earnings, economic data, global trends to define markets in holiday-shortened week

Most Active Stocks

Tata Steel

157.75
03:43 PM | 19 JUL 2024
-8.6 (-5.17%)

Tata Power

414.15
03:59 PM | 19 JUL 2024
-15.85 (-3.69%)

Bharat Electronics

306.30
03:45 PM | 19 JUL 2024
-7.2 (-2.3%)

Zee Entertainment Enterprises

137.55
03:57 PM | 19 JUL 2024
-4.9 (-3.44%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Tata Teleservices Maharashtra

102.11
03:59 PM | 19 JUL 2024
4.68 (4.8%)

Rail Vikas Nigam

614.00
03:59 PM | 19 JUL 2024
27.65 (4.72%)

Jubilant Pharmova

752.25
03:43 PM | 19 JUL 2024
25.3 (3.48%)

One 97 Communications

458.70
03:55 PM | 19 JUL 2024
13.65 (3.07%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    75,217.00292.00
    Chennai
    75,657.001,099.00
    Delhi
    74,485.00-659.00
    Kolkata
    74,485.00-73.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanBudget