Stock Market Updates: This week the direction of the stock market will be decided on the basis of US Federal Reserve’s decision on interest rate, quarterly results of companies and macroeconomic data on the domestic front. Market analysts have given this opinion. Apart from this, the activities of foreign funds, monthly figures of vehicle sales and global trend will also determine the trend of the market. Let us tell you that on Monday, May 1, 2023, the stock market will remain closed on the occasion of ‘Maharashtra Day’. A day after this i.e. from Tuesday, stock market investors will be able to trade in BSE and NSE.
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Pravesh Gaur, senior technical analyst at Swastika Investmart, said, “The global economy is still torn between rising interest rates and recession. All eyes are on the outcome of the Federal Open Market Committee meeting, which will be announced on May 3. The European Central Bank ie ECB will announce the decision on the interest rate on May 4. In the near future, due to the macroeconomic data, the market trend may remain weak.
Foreign investors continue to trust the Indian market
He said that there is continuous investment in the Indian stock market from foreign institutional investors ie FII. On Friday, he made a record purchase of Rs 3,304 crore, which shows his confidence in the Indian market. He said that this week the fourth quarter results of companies, vehicle sales figures will be important for the domestic market.
These companies will release their fourth quarter results this week
During this week, the quarterly results of Nifty 50 companies Tata Steel, Titan, Hero MotoCorp and HDFC Limited will come. Apart from this, the results of Adani Green Energy, Ambuja Cements, Tata Steel, UCO Bank, Adani Enterprises, Bharat Forge and Federal Bank will also come. Are.
PMI figures of manufacturing and service sector are also important
Vinod Nair, Head of Research, Geojit Financial Services, said, “Purchasing Managers Index (PMI) data in the domestic market and quarterly results of companies will influence investor sentiment.” Will be
Kotak Securities Ltd. Amol Athawale, Technical Analyst (DVP), said, “FII buying has been bullish in the market in the last few sessions on better-than-expected quarterly results and softening crude oil prices.” Due to this, profit booking can be seen going forward.