According to experts, this week's last batch of Q4 profits will influence domestic stock markets as well as inflation data, international trends, and other factors.
The markets will also respond to Friday's post-market data on industrial output and consumer inflation.
“Participants will first respond to Friday's post-market macroeconomic statistics, namely the IIP and CPI. On May 15, WPI inflation data is also expected. Ajit Mishra, VP-Technical Research, Religare Broking Ltd., said that in addition to economic releases, “global cues, notably the performance of the US indexes and the trajectory of foreign flows would also be under focus for clues.
According to official statistics issued on Friday, retail inflation decreased to an 18-month low of 4.7% in April, mostly as a result of lowering prices for vegetables, oils, and fats, and moved closer to the Reserve Bank's objective of 4%.
According to official statistics issued on Friday, India's industrial output growth dropped to a five-month low of 1.1% in March from 5.8% in February 2023. This decline was primarily caused by the weak performance of the electricity and manufacturing sectors.
Big companies like Bharti Airtel, State Bank of India, ITC, IOC, JSW Steel, and GAIL will release their financial results this week as the earnings season is in full gear. Mishra tacked on.
After ten years, the Congress took back control of Karnataka on its own, ousting the BJP from its last southern stronghold on Saturday as voters strongly supported the grand old party in its desperate search for political resurgence ahead of the 2024 Lok Sabha elections.
“Congress has won the recently-completed Karnataka election with a resounding victory. Although the market may see an emotional downturn as a result, it is crucial to remember that investors have already taken much of this outcome into account.
Accordingly, it is doubtful that the market would have a big response to this revelation, according to Santosh Meena, Head of Research at Swastika Investmart Ltd.
The BSE benchmark increased by 973.61 points, or 1.59%, last week.
“The general market attitude is still bullish, but it's vital to remember that prices are right now hovering around a significant resistance level. Given this, profit-booking or a corrective decline may occur soon, according to Arvinder Singh Nanda, senior vice president of Master Capital Services Ltd.
According to Santosh Meena, Head of Research at Swastika Investmart Ltd, “Global cues are relatively muted, but market participants will be keeping a watchful eye on the direction of US markets, bond yields, and the dollar index, which could potentially impact Indian equities.”
