Domestic indices Sensex and Nifty ended the last day of FY 2022-23 on an optimistic note as global markets rallied and FIIs turned net buyers. All sectors ended in the green with major gains in oil and gas, information technology (IT) and realty.
BSE with 30 shares Sensex The index closed at 58,991.52, up 1,031.43 points or 1.78 percent. The broader NSE Nifty ended 279.05 points, or 1.63 per cent, higher at 17,359.75. The rise helped the benchmark snap a three-month losing streak.
niche sectors like sugar and Defense Siddharth Khemka, Head-Retail Research, Motilal Oswal Financial Services Ltd said that headlines were also in and this momentum is likely to continue.
RBI’s monetary policy decision
This week, investors will focus on the Reserve Bank of India’s (RBI) monetary policy decision due on April 6, which will give further signals to the bond market.
As per the report, RBI will increase the interest rate by 25 basis points and then pause for the rest of the year.
“In the near term, the focus will now be on the RBI’s policy meeting next week, where rate hikes are expected to be 25-bps in line with hikes by major global central banks. Besides, markets will also react to monthly auto sales numbers Data that will be released over the weekend,” Khemka said.
macroeconomic data
On the macroeconomic front, S&P Global Manufacturing PMI and Services PMI data are scheduled for April 3 and 5.
Ajit Mishra, VP – Technical Research said, “The coming week is also a holiday and scheduled events and data will keep participants busy. We have auto sales numbers, which start at the beginning of a new month.” Religare Broking Limited
smelly
“We expect recovery to be strong next week and Nifty is now eyeing 17,600. Meanwhile, 17,200 level will be crucial to maintain positive bias. While all sectors are contributing to the move, banking, financial and FMCG should be given priority. Others for new longs. We think it is prudent to stay with largecap counters and remain selective in midcap and smallcap space,” said Mishra.
global market
Apart from domestic factors, global cues and foreign inflow trends will also be in focus. “In the US, the release of personal consumption expenditure data is awaited as it is an important indicator to predict future actions of the Federal Reserve,” said Vinod Nair, head of research at Geojit Financial Services.
G Chokkalingam, founder and head of research, Equinomics Research & Advisory, said, “We expect the global market to stabilize.”
Know your inner investor
Do you have guts of steel or are you a victim of insomnia regarding your investments? Let’s define your investment approach.
catch all business News, market news, today’s fresh news events and Breaking News Update on Live Mint. download mint news app To get daily market updates.