NEW DELHI: The Reserve Bank of India’s interest rate determination, macroeconomic information and global trends will drive traders’ sentiment this week, with markets hoping to proceed the optimistic momentum after ending FY24 on a buoyant notice, analysts stated. In addition, the buying and selling exercise of international traders, the rupee-dollar development and the motion of global oil benchmark Brent crude would additionally affect buying and selling in fairness markets.
The 30-share BSE Sensex climbed 14,659.83 factors or 24.85 per cent within the 2023-24. The benchmark hit its all-time excessive of 74,245.17 on March 7.
In 2023-24, the Nifty soared 4,967.15 factors or 28.61 per cent.
“The RBI’s Monetary Policy Committee (MPC) is set to start its three-day meeting deliberating interest rates and analysing the state of the economy on April 3 and will end on April 5. Auto stocks will be in focus as companies will announce the monthly sales numbers for March starting from April 1, 2024.
“Additionally, individuals will likely be watching how the rupee fares towards the greenback and conserving a tab on crude oil costs. They will even be maintaining a tally of investments made by Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs),” Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd, said.
He added that the US Fed Reserve Chairman Jerome Powell’s speech is scheduled for April 3, 2024, and data like the US ISM manufacturing PMI for March will be declared on April 1.
“US non-farm payrolls information and the unemployment rate for March will likely be introduced on April 5. These factors will likely be carefully monitored, as they’ve the potential to affect markets’ sentiment,” Gour added.
Mirroring bullish investors’ sentiment, the market capitalisation (mcap) of BSE-listed companies soared by Rs 1,28,77,203.77 crore to Rs 3,86,97,099.77 crore in FY24.
“The outlook for the market will likely be guided by main global and home financial information, India car gross sales, US and India manufacturing Purchasing Managers’ Index (PMI), US job openings, manufacturing facility orders and US non-farm payrolls, and unemployment rate.
“The Reserve Bank of India’s monetary policy committee will meet from April 3-5, 2024, and decide on policy rates. The monetary policy statement will provide important cues on the economy, inflation and interest rates,” Arvinder Singh Nanda, Senior Vice President at Master Capital Services Ltd, stated.
Last week, the BSE benchmark climbed 819.41 factors or 1.12 per cent, and the NSE Nifty superior 230.15 factors or 1.04 per cent.
“We expect volatility to remain high this week too, citing the scheduled MPC’s policy meeting. On the global front, participants would continue to take cues from the US markets, which are showing noticeable resilience,” Ajit Mishra, SVP – Technical Research at Religare Broking Ltd, stated.
The 30-share BSE Sensex climbed 14,659.83 factors or 24.85 per cent within the 2023-24. The benchmark hit its all-time excessive of 74,245.17 on March 7.
In 2023-24, the Nifty soared 4,967.15 factors or 28.61 per cent.
“The RBI’s Monetary Policy Committee (MPC) is set to start its three-day meeting deliberating interest rates and analysing the state of the economy on April 3 and will end on April 5. Auto stocks will be in focus as companies will announce the monthly sales numbers for March starting from April 1, 2024.
“Additionally, individuals will likely be watching how the rupee fares towards the greenback and conserving a tab on crude oil costs. They will even be maintaining a tally of investments made by Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs),” Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd, said.
He added that the US Fed Reserve Chairman Jerome Powell’s speech is scheduled for April 3, 2024, and data like the US ISM manufacturing PMI for March will be declared on April 1.
“US non-farm payrolls information and the unemployment rate for March will likely be introduced on April 5. These factors will likely be carefully monitored, as they’ve the potential to affect markets’ sentiment,” Gour added.
Mirroring bullish investors’ sentiment, the market capitalisation (mcap) of BSE-listed companies soared by Rs 1,28,77,203.77 crore to Rs 3,86,97,099.77 crore in FY24.
“The outlook for the market will likely be guided by main global and home financial information, India car gross sales, US and India manufacturing Purchasing Managers’ Index (PMI), US job openings, manufacturing facility orders and US non-farm payrolls, and unemployment rate.
“The Reserve Bank of India’s monetary policy committee will meet from April 3-5, 2024, and decide on policy rates. The monetary policy statement will provide important cues on the economy, inflation and interest rates,” Arvinder Singh Nanda, Senior Vice President at Master Capital Services Ltd, stated.
Last week, the BSE benchmark climbed 819.41 factors or 1.12 per cent, and the NSE Nifty superior 230.15 factors or 1.04 per cent.
“We expect volatility to remain high this week too, citing the scheduled MPC’s policy meeting. On the global front, participants would continue to take cues from the US markets, which are showing noticeable resilience,” Ajit Mishra, SVP – Technical Research at Religare Broking Ltd, stated.
