Global Factors and RBI Statement Will Determine Stock Market Direction
The stock market direction in the coming week will be influenced by global factors and the Reserve Bank's monetary policy statement following last week's decline. Investors are currently focused on the Iran war and the West Asia crisis, with no resolution in sight, leading to weakened investment sentiment.
Additionally, the Reserve Bank's monetary policy committee will hold its first meeting on April 6 since the West Asia crisis began on February 28, and the decisions from this meeting are also expected to impact the market. Due to holidays for Mahavir Jayanti on March 31 and Good Friday on April 3, the market operated for only three days last week. On Monday, there was a significant decline in major indices, while Wednesday and Thursday saw the indices close in the green.
The BSE Sensex fell by a total of 263.67 points (0.36 percent) during the week, closing at 73,319.55 points on Thursday. The National Stock Exchange's Nifty-50 index also experienced a weekly decline of 106.50 points, or 0.47 percent, ending at 22,713.10 points. The Nifty Midcap-50 index fell by 0.82 percent, while the Smallcap-100 index remained nearly unchanged.
Out of the 30 companies in the Sensex, shares of 17 companies declined last week, with Sun Pharma experiencing the largest weekly drop of 5.62 percent. Shares of NTPC fell by 4.23 percent, UltraTech Cement by 3.85 percent, Bajaj Finserv by 3.18 percent, Bharti Airtel by 2.86 percent, Bajaj Finance by 2.13 percent, and Kotak Mahindra Bank by 2.13 percent. PowerGrid shares fell by 1.88 percent, Asian Paints by 1.72 percent, and ICICI Bank by 1.47 percent.
Shares of Mahindra & Mahindra, HDFC Bank, ITC, Eternal, Axis Bank, and Hindustan Unilever also closed in the red. Trent recorded the highest weekly gain of 4.52 percent, followed by BEL at 4.14 percent, Tech Mahindra at 3.63 percent, Adani Ports at 2.97 percent, Titan at 2.92 percent, HCL Technologies at 2.80 percent, and TCS at 2.59 percent.
Infosys shares rose by 2.40 percent, Indigo by 2.30 percent, Maruti Suzuki by 1.97 percent, and L&T by 1.34 percent. Tata Steel also saw an upward trend.
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