Monday’s market is poised for a subdued start with GIFT Nifty down 10.2 points, indicating a flat-to-negative opening. Despite Asian stocks showing early gains, global caution prevails. Last Friday saw record highs for Nifty and Sensex after the Reserve Bank of India (RBI) maintained rates, raised GDP forecast to 7%, and kept inflation projection at 5.4% for FY24.
Insights and Perspectives:
Nifty’s surge to 21K, following RBI’s positive GDP outlook, led to market gains despite unchanged rates at 6.5%. Key sectors like IT, Banking, Financials, and Realty contributed to the upward trajectory. Siddhartha Khemka of Motilal Oswal Financial Services Ltd. expects the market to remain range-bound, influenced by US economic data and global central bank decisions.
Noteworthy Events:
During the last session, Nifty hit an all-time high of 21,006.10, breaching the 21,000 barrier for the first time. Simultaneously, Sensex reached a new record high of 69,893.8. The closing figures showed the Sensex up 304 points (0.44%) at 69,825.60, while Nifty closed at 20,969.40, up 68 points (0.33%).
Siddhartha Khemka’s Commentary:
Siddhartha Khemka notes Nifty’s milestone after RBI’s GDP growth forecast hike to 7%, coupled with unchanged inflation projections at 5.4% for FY24. The RBI’s maintenance of the status quo, keeping the repo rate at 6.5% for the fifth time, marked the day’s gains. Khemka anticipates market reactions to US Nonfarm Payroll and Unemployment rate data, as well as global central bank policy decisions, likely resulting in a range-bound market on Monday.
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