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News Topical,Digital Desk : Last week, the Indian markets closed with a gain of about 1.75 per cent on a weekly basis. This rise in the market was seen on the strength of IT, pharma and auto stocks. However, the markets remained under pressure on Friday and the Nifty closed at 24,039.35, down 207.35 points or 0.86%.
Stock market experts say that due to the fall for the second consecutive day, the signs of recession in Nifty have increased. Rupak Dey of LKP Securities said that Nifty has now come below its 200-DMA, which shows weakness.
Due to increasing tension between India and Pakistan, investors remain cautious. He said that there is support for Nifty around 23,800 and 23,515 on the downside.
Where will the market be looking this week? 1. India-Pakistan tension There may be volatility in the market this week due to increasing demand for action against Pakistan. Markets saw a decline on Friday amid talks of taking steps like the 2019 military attack.
2. Fourth quarter results (Q4FY25) More than 180 companies will announce their quarterly results this week. The market will keep an eye on the results of companies like TVS Motor, UltraTech Cement, Bajaj Finance, BPCL, Vedanta, Adani Power and Kotak Mahindra Bank. Reliance Industries announced its results on Friday, the reaction of which will be seen on Monday.
3. American market The Indian market will also keep an eye on the movement of the American market. On Friday, the Dow Jones closed up by 0.05%, S&P500 by 0.74% and Nasdaq by 1.26%.
4. FIIs/DIIs figures Foreign institutional investors (FIIs) sold shares worth Rs 2,952.33 crore on Friday, while domestic investors (DIIs) bought shares worth Rs 3,539.85 crore.
5. Crude oil Crude oil prices were slightly up. WTI crude rose 0.61% to $63.17 and Brent crude rose 0.54% to around $66.87. 6. Gold Gold may have seen some decline last week, but it is still up 24% year-on-year. Gold prices may remain high due to India-Pakistan tension and weakness in the rupee.
7. Rupee movement The rupee fell 0.2% to 85.45 against the dollar on Friday due to increasing tensions with Pakistan. If tensions increase in the coming days, the rupee may come under further pressure.
8. Eye on the primary market Ather Energy's IPO will open for subscription on April 28, the price of which has been fixed at Rs 304-321 per share. Arunya Organics and Kenrik Industries IPOs from the SME segment will open for subscription on April 29.
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