Reserve Bank’s decision on interest rate, global trend will decide the movement of stock market
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The activities of foreign portfolio investors (FPIs) will also influence the market direction. There will be a holiday in the market on ‘Mahavir Jayanti’ on Tuesday and ‘Good Friday’ on Friday.
New Delhi. The outcome of the Reserve Bank of India’s monetary review meeting, macroeconomic data and the global trend will determine the direction of the stock markets this week. Analysts have expressed this opinion. Apart from this, the activities of Foreign Portfolio Investors (FPIs) will also influence the market direction. There will be a holiday in the market on ‘Mahavir Jayanti’ on Tuesday and ‘Good Friday’ on Friday. Swastika Investmart Ltd. Pravesh Gaur, Senior Technical Analyst, said, “Investors will keep an eye on the trend of FPIs and Domestic Institutional Investors (DIIs). FPIs are now net buyers.
The market will also keep an eye on the Reserve Bank’s Monetary Policy Committee (MPC) meeting. The results of the MPC meeting will be announced on April 6. Maruti Suzuki, Hyundai and Tata Motors have registered their highest ever annual sales in the last financial year. It is the best performing vehicle industry till date. Ajit Mishra, vice-president, technical research, Religare Broking, said, “This is a holiday week. Market participants will be ‘busy’ due to a number of developments and data.
On the macroeconomic front, the manufacturing PMI and services PMI data will come on April 3 and 5. The market will especially watch the outcome of the upcoming MPC meeting on April 6. He said that apart from domestic factors, inflow of foreign funds will also affect the direction of the market. Last week, the 30-share BSE Sensex gained 1,464.42 points or 2.54 per cent. On Friday, the Sensex closed at 58,991.52 with a gain of 1,031.43 points or 1.78 per cent.
Siddharth Khemka, head of retail research at Motilal Oswal Financial Services, said that in the near future, the market will be watching the Reserve Bank’s Monetary Policy Committee meeting. On Friday, the markets of Asia, Europe and America also closed with a positive attitude. Vinod Nair, head of research, Geojit Financial Services, said investors are eagerly awaiting the PMI data along with the outcome of the MPC meeting. Apart from this, everyone’s eyes will be on the private consumption figures of America. Based on this, the future stance of the US central bank will be decided.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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