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Stock Market Week Ahead: States elections results, Q4 earnings, oil prices, rupee among key factors to watch
In the coming week, the market is expected to remain range-bound with focus on US-Iran developments and its impact on oil prices, rupee movement, and FII mood. The stock-specific action will also be seen given the ongoing March quarter earnings season.
Market to remain range-bound with focus on US-Iran developments, oil prices, rupee movement, FII mood
Stock-specific action will be seen given ongoing March quarter earnings season
On Monday, market to first react to auto sales numbers and five States elections results
The market rebounded slightly after a week of sharp correction, closing 0.4 percent higher on the Nifty 50 in the truncated week ended April 30.
Double blockade in the Strait of Hormuz with no meaningful progress in US-Iran negotiations kept the oil prices elevated and above $100 a barrel, intensifying inflationary concerns and raising the risk of fuel price hikes.
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Further, the pressure in rupee, fear of widening deficit, and consistent FII outflow due to high oil prices also weighted on sentiment.
Going ahead, in the coming week starting from May 4, the market is expected to remain range-bound with focus on US-Iran developments and its impact on oil prices, rupee movement, and FII mood.
The stock-specific action will also be seen given the ongoing March quarter earnings season, while on Monday, the market will react to auto sales numbers announced on last Friday-Saturday as well as the results of recent assembly elections held in five States, according to experts.
The Nifty 50 rose 100 points (0.42 percent) to 23,998, and the BSE Sensex gained 249 points (0.33 percent) to 76,913, while the broader markets outperformed benchmark indices with the Nifty Midcap and Smallcap 100 indices rising 0.7 percent and 2.5 percent, respectively.
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“Looking ahead, markets remain hopeful for a resolution, as there will be light at the end of the tunnel, but the tunnel looks rather lengthy at this moment.
The market is likely to respond to daily noise until any clarity is reached,” Vinod Nair, Head of Research at Geojit Investments said.