Q1 results, FII action among 10 factors to impact D-Street mood this week
The Indian stock markets had yet another excellent week for the bulls, with the benchmark index maintaining its winning streak for the fifth consecutive week aided by broader participation along with positive global sentiment, Osho Krishan, Senior Analyst — Technical & Derivatives at Angel One said.
The bulls have shrugged off overbought conditions and propelled major key indices to unprecedented highs notwithstanding Nifty remaining technically stretched, Krishnan said as he sees no indications of the vertical rally losing steam.
«In the coming days, we anticipate the benchmark index undergoing a period of consolidation, potentially alleviating the stretched parameters. Market sentiment remains positive, with sectoral rotation contributing to a strong undertone,» this analyst said.
Factors that are likely to impact movement when markets reopen this week:
1) US Markets
Major indices on Wall Street ended strongly on Friday with tech-heavy Nasdaq and benchmark S&P 500 hitting fresh record highs after weak US labor market data raised expectations for interest rate cuts as early as September.
While the Dow 30 settled at 39,375.90, up by 67.87 or 0.17%, the S&P 500 closed at 5,567.19, higher by 30.17 points or 0.54%. The Nasdaq Composite finished at 18,352.80, up by 164.46 points or 0.90%.
When Indian markets reopen on Monday, they will take cues from the Friday closing of the US markets. They will also track movement in GIFT Nifty futures on Monday. The latter is an early indicator of movement in the Nifty50.
