Week Ahead: Exit polls, Lok Sabha election results, RBI Policy, auto sales, among key market triggers this week
Also Read: Bulls to reign on D-Street after exit polls predict 350+ for BJP; Experts peg Nifty upside at 23,400+ for June 3Domestic equity benchmarks Sensex and Nifty 50 experienced pressure and lost nearly two per cent amid mixed signals. The tone was negative from the start as participants were in profit-taking mode after two weeks of gains.
Caution ahead of the outcome of the general election and weak global cues further dampened sentiment as the week progressed. Nifty 50 slipped below the crucial support zone of its short-term moving average (20 DEMA) and settled at 22,530.70.
The frontline indices had fallen for five straight sessions until Thursday and are down 2.4 per cent from an all-time high hit early this week amid high volatility ahead of the poll results. On a weekly basis, Sensex tanked 1,449 points while Nifty plunged by 426 points, recording their first weekly decline in three, as traders made positional adjustments ahead of exit polls and results.All key sectors, except banking, faced challenges, with IT, energy, and FMCG being the top losers.
The broader indices also declined, losing between one per cent and 1.5 per cent. Government data on Friday revealed that India has retained its crown as the world's fastest-growing major economy in FY24.
India's FY24 gross domestic product (GDP) grew by 8.2 per cent, while January-March quarter GDP moderated to 7.8 per cent. Apart from the exit polls, investors may show bullish sentiments after the GDP print over India's strong macroeconomic fundamentals when markets open on Monday.‘’Investors are adjusting their portfolios to align with fundamentally strong sectors and stocks, as robust Q4 FY24 earnings and better-than-expected Q4FY24 GDP growth will continue to
