Indian stock market indices, Sensex and Nifty 50, are set to open higher on Monday, following gains in Asian markets and mixed global cues. Last week, the Indian stock market snapped a four-day losing streak and ended with decent gains, with the Sensex rallying 599.34 points and the Nifty 50 settling 151.15 points higher.
Investors will be keeping an eye on several key triggers this week, including ongoing Q4 results, domestic and global macroeconomic data, general elections 2024, the Iran-Israel conflict, crude oil prices, trends in US bond yields, and other global market cues.
Asian markets traded higher on Monday, with Japan’s Nikkei 225, South Korea’s Kospi, and Hong Kong’s Hang Seng index futures all indicating a positive opening. In the US, the stock market ended mixed on Friday, with the S&P 500 and Nasdaq falling for six straight sessions, while the Dow Jones Industrial Average gained.
The People’s Bank of China kept its benchmark loan prime rates unchanged on Monday, while crude oil prices traded lower after their first back-to-back weekly decline this year. The minutes of the Reserve Bank of India’s Monetary Policy Committee meeting highlighted the importance of actively disinflationary policies for price stability and high growth.
Key Q4 results from companies like Wipro and HDFC Bank were also reported, with Wipro seeing an 8% decline in net profit and HDFC Bank reporting a 0.84% growth in net profit. Foreign Portfolio Investors have turned net sellers in the Indian stock market for the month of April, offloading equities worth ₹5,254 crore.
Overall, the market is expected to see volatility this week, with a focus on earnings season, global cues, and various market triggers. Investors are advised to consult with certified experts before making any investment decisions.
