Nifty, Sensex Close At Record Highs: Experts Decode Factors To Watch Out For In Markets This Week

On Monday, the Nifty 50 and Sensex hit record highs, boosted by global market trends and a surge in large-cap auto stocks and major players like Reliance Industries. The Sensex was up by 494.28 points at 74,742.50, while the Nifty 50 rose by 152.60 points to 22,666.30. Leading gainers included Mahindra & Mahindra and Maruti Suzuki, with Wipro and Adani Ports among the top losers. The Nifty Bank index soared to a historic high, crossing 48,700 points for the first time.

Now, this week the share market will remain closed on Thursday to celebrate the festival of Eid-Ul-Fitr. In an interview with the PTI, the experts opined that the foreign investors’ trading activity, currency fluctuations in the rupee and dollar, along movements in crude oil prices would also affect investor sentiments and market trends.

Elaborating on the outlook in the future, Santosh Meena, Head of Research, Swastika Investment Ltd, noted, “Indian companies are set to enter a new corporate earnings Q4 season this week. Leading the pack is IT services giant TCS, set to kick off the earnings season for the quarter ending March 2024. Its results for the fourth quarter of FY24 will be announced on April 12, 2024, after market trading hours.” According to Meena, India’s industrial production data will also be announced on April 12, 2024, and on the same day, inflation for March will be declared.

Meena pointed out that investors will keenly observe the ‘movement of the rupee against the dollar, crude oil prices, and investment activities of Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs)’. Notably, the markets last week observed key equity indices reach fresh highs. The BSE Sensex gained 596.87 points or 0.81 per cent and also hit a fresh high of 74,501.73 on April 4.

Also, as per the analysts, the trends of the stock market this week will be influenced by global trends, macroeconomic data and quarterly results of companies. Macroeconomic data comprises mainly of the aggregate values of economic flows at the wither level of the total economy. These are the Gross Domestic Product and National Income, or at lower levels of aggregation such as the income, expenditure, and saving of the household or government sectors.