The motion of the rupee towards the greenback and crude oil costs can even stay in focus. (Representative picture/Reuters)
Last week, the 30-share BSE benchmark dipped 58.15 factors or 0.09 per cent.
The home fairness markets can be pushed by ongoing quarterly earnings bulletins and international elements this week, analysts mentioned.
Besides, the buying and selling exercise of Foreign Portfolio Investors (FPIs) would even be tracked.
“In the home market, the March 2023 quarterly earnings season and Karnataka meeting elections can be in focus. Asian Paints, Cipla, Eicher Motors, Larsen & Toubro and UPL This autumn earnings are within the pipeline for this week,” Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd, said.
The movement of the rupee against the dollar and crude oil prices will also remain in focus, Gour said.
“Global markets are in a brittle mode because everyone is eyeing US regional banking systems (small banks), which are in trouble,” he added.
Also, Apollo Tyres, Indian Overseas Bank and Tata Motors would announce their earnings this week.
“This week, individuals can be eyeing macroeconomic information viz. IIP and CPI for cues on May 12. Besides, the US inflation, which is scheduled on May 10, can even be on their radar,” Ajit Mishra, VP – Technical Research at Religare Broking Ltd, mentioned.
Last week, the 30-share BSE benchmark dipped 58.15 points or 0.09 per cent.
Markets declined more than 1 per cent on Friday dragged down by a heavy sell-off in index major HDFC twins. Both HDFC Bank and HDFC fell sharply amid reports that the merged HDFC entity could see significant fund outflow.
According to market analysts, the domestic market continued to be positive at the beginning of the last week, aided by strong FII inflow and favourable domestic macroeconomic data.
“India outperformed most markets in April. The principal reason for the outperformance is the sustained buying by FPIs. During the last seven trading sessions i.e. from 26th April to 5th May, FPIs have bought equity worth Rs 11,700 crore,” mentioned V Ok Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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