Markets this week: From RBI policy decisions to US unemployment rate, factors that may drive Dalal Street
==========
This week, RBI policy decisions, bank loan growth, deposit growth, and auto sales data along with the Balance of Trade, and unemployment rate in the US may sway the markets. Indian markets ended the last week with healthy gains amid S&P Global Ratings raising India's Gross domestic product (GDP) growth forecast for the next financial year (FY25) to 6.8%. The coming week will be crucial as it’s the start of the new month and a new financial year. There will be some important macroeconomic data to guide the markets. First, the Investors will be eyeing the HSBC Manufacturing PMI Final, scheduled to be released on April 02, the HSBC Composite PMI Final, HSBC Services PMI Final to be released on April 04. Markets will be keenly waiting for the Reserve Bank of India (RBI) policy decisions, which will be announced on April 05. On the same day, Cash Reserve Ratio, Bank Loan Growth, Deposit Growth, and Foreign Exchange Reserves data going to be out. Additionally, auto companies would grab some attention, as they will announce their monthly sales figures. On the global front, investors would be eyeing some important economic data from world’s largest economy, United States (US), starting with S&P Global Manufacturing PMI Final, ISM Manufacturing Employment releasing on April 01, Redbook, Factory Orders on April 02, S&P Global Composite PMI, ISM Services Business Activity on April 03, Balance of Trade, Initial Jobless Claims on April 04, Non-Farm Payrolls, and Unemployment Rate, will be released on April 05. Nifty extended the winning run on the second consecutive day on March 28 although it pared some gains in the last hour of the session. At close, Nifty was up 0.92% or 203.3 points at 22326.9. Global stocks hit fresh records heading into the long Easter weekend break as equities headed for a second quarterly gain. Nifty once again formed a bull candle with a high upper shadow, reflecting selling pressure on rises. Nifty rose 1.04% for the week, 1.57% for the month and 1.80% for the quarter. “22,526 is proving tough to be breached on the up, while 21973-22180 band could provide the near-term support for the markets,” Jasani said. After a period of bullish resurgence, the Bank Nifty index exhibited strength by surpassing the 20-day moving average hurdle set at 47,000, backed by significant volumes. Despite this, it faced resistance around the 47,500 mark. “A decisive breach above this resistance could propel the index towards the 48,000 level. Conversely, the immediate support is situated at the 47,000-46,800 zone. A conclusive drop below this support level, especially on a closing basis, might indicate a false breakout scenario”, Shah said.
#Markets #Rbi #PolicyDecisions #UsUnemploymentRate #DalalStreet
https://www.businesstoday.in/markets/top-story/story/markets-this-week-from-rbi-policy-decisions-to-us-unemployment-rate-factors-that-may-drive-dalal-street-423515-2024-03-30
Business Today /
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2024-03-30 06:58:53
Author Public Key
npub10krv5xyz57fwv0upm7fgx90w8m2xulqkzzxml2d9d433rwrlmwpsyffpj8Published at
2024-03-30 06:58:53Event JSON
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"content": "Markets this week: From RBI policy decisions to US unemployment rate, factors that may drive Dalal Street\n==========\n\nThis week, RBI policy decisions, bank loan growth, deposit growth, and auto sales data along with the Balance of Trade, and unemployment rate in the US may sway the markets. Indian markets ended the last week with healthy gains amid S\u0026P Global Ratings raising India's Gross domestic product (GDP) growth forecast for the next financial year (FY25) to 6.8%. The coming week will be crucial as it’s the start of the new month and a new financial year. There will be some important macroeconomic data to guide the markets. First, the Investors will be eyeing the HSBC Manufacturing PMI Final, scheduled to be released on April 02, the HSBC Composite PMI Final, HSBC Services PMI Final to be released on April 04. Markets will be keenly waiting for the Reserve Bank of India (RBI) policy decisions, which will be announced on April 05. On the same day, Cash Reserve Ratio, Bank Loan Growth, Deposit Growth, and Foreign Exchange Reserves data going to be out. Additionally, auto companies would grab some attention, as they will announce their monthly sales figures. On the global front, investors would be eyeing some important economic data from world’s largest economy, United States (US), starting with S\u0026P Global Manufacturing PMI Final, ISM Manufacturing Employment releasing on April 01, Redbook, Factory Orders on April 02, S\u0026P Global Composite PMI, ISM Services Business Activity on April 03, Balance of Trade, Initial Jobless Claims on April 04, Non-Farm Payrolls, and Unemployment Rate, will be released on April 05. Nifty extended the winning run on the second consecutive day on March 28 although it pared some gains in the last hour of the session. At close, Nifty was up 0.92% or 203.3 points at 22326.9. Global stocks hit fresh records heading into the long Easter weekend break as equities headed for a second quarterly gain. Nifty once again formed a bull candle with a high upper shadow, reflecting selling pressure on rises. Nifty rose 1.04% for the week, 1.57% for the month and 1.80% for the quarter. “22,526 is proving tough to be breached on the up, while 21973-22180 band could provide the near-term support for the markets,” Jasani said. After a period of bullish resurgence, the Bank Nifty index exhibited strength by surpassing the 20-day moving average hurdle set at 47,000, backed by significant volumes. Despite this, it faced resistance around the 47,500 mark. “A decisive breach above this resistance could propel the index towards the 48,000 level. Conversely, the immediate support is situated at the 47,000-46,800 zone. A conclusive drop below this support level, especially on a closing basis, might indicate a false breakout scenario”, Shah said.\n\n#Markets #Rbi #PolicyDecisions #UsUnemploymentRate #DalalStreet\n\nhttps://www.businesstoday.in/markets/top-story/story/markets-this-week-from-rbi-policy-decisions-to-us-unemployment-rate-factors-that-may-drive-dalal-street-423515-2024-03-30",
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