Business

Results season approaching could be the next market trigger

New Delhi, April 7 (IANS) The week saw the Indian stock markets gain on three out of five trading sessions. BSESENSEX and NIFTY closed higher with gains recorded in broader markets. Indian Rupee also saw a slight gain against the US Dollar.

On Friday, BSESENSEX closed at 74,248.22 points, gaining 596.87 points, while NIFTY closed at 22,513.70 points, gaining 186.80 points. The broader markets saw significant gains with BSE100, BSE200, and BSE500 rising by 1.14%, 1.62%, and 2.12% respectively. BSEMIDCP was up 3.84%, and BSESMALLCAP gained 6.64%.

US markets experienced losses as Dow Jones closed lower at 38,904.04 points. The uncertainty regarding the rate cut by the FED due to a strong economy and high inflation concerns led to the market fall. RBI also decided to keep rates unchanged, focusing on controlling inflation.

In primary market news, SRM Contractors Limited debuted on the stock exchange with shares listed at Rs 236.20, gaining 12.47%. Meanwhile, Bharti Hexacom’s offer for sale had a strong response with the issue being oversubscribed 29.88 times overall.

The week ahead includes a trading holiday on Thursday, leading to profit-taking on Wednesday. The markets may witness sharp intraday movements with resistance at new highs and support at previous lows. The strategy for the week suggests buying on dips and selling on rallies.

In conclusion, while the markets show promise, caution is advised as a reversal can happen any time. It is recommended to trade cautiously and pay attention to market movements and trends. The coming week is expected to be volatile, and investors should remain vigilant.

IANS

IANS, established in 1986, is India's largest independent news service, offering 24x7 news from India and South Asia, and a preferred source for diverse content across six business verticals.

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