Stock markets are set for an eventful week as the second week of April 2024 brings in a flurry of key corporate and macroeconomic data releases. After a positive start to the new financial year 2024-25, investors are eagerly awaiting the first set of January-March quarter results for fiscal 2023-24, along with domestic macroeconomic data, corporate announcements, crude oil prices, foreign capital outflow, and global cues.
The Indian stock market traded volatile in the first week of the new financial year but managed to end on a positive note. Both Nifty 50 and Sensex extended their winning streak and logged a third straight week of gains, with Nifty 50 even clocking an all-time high. Key sectors like metal, realty, and banking were among the top gainers, leading the market higher.
The Monetary Policy Committee of the Reserve Bank of India decided to keep the interest rate unchanged for the seventh time at 6.5 per cent, aligning with market expectations. Financial services sector saw a significant gain this week, with top private lender HDFC Bank leading the charge after posting positive results in the March quarter.
Looking ahead, the focus will be on the upcoming corporate earnings for Q4FY24, starting with Tata Consultancy Services announcing its results on April 12. Investors will also keep an eye on macroeconomic data releases such as India’s CPI-based inflation rate for March and the IIP data for February.
Foreign portfolio investors started the new fiscal year on a subdued note, with FPIs selling Indian equities and the total inflow standing at ₹1,444 crore as of April 5. Global cues, especially the US market performance, rising commodity prices, and geopolitical tensions, will also influence market sentiment in the coming week.
Oil prices hit a six-month high due to ongoing geopolitical conflicts in the Middle-East, with Brent and WTI crude benchmarks reporting gains. Corporate actions, technical views, and upcoming IPOs and listings will also be key factors to watch out for in the stock market this week.
Overall, analysts expect Nifty 50 to be in a consolidation phase with a prevailing bullish bias, advising traders to continue with a ‘buy on dips’ approach. It will be a critical week for investors as they navigate through economic indicators, corporate results, and global developments to make informed investment decisions.
