Equity markets across the globe remained positive in the week gone by, with the Indian markets cheering the RBI’s decision to keep the Repo Rate unchanged in the April 6 meeting. Amid this positive surprise move and the comeback of Forein Institutional Investors in the Indian equities, Indian benchmark indices Sensex and Nifty rose 1.4% in the previous week, whereas the Nifty Midcap index and Nifty Bank rose over 1% each.
In another holiday truncated week ahead for Indian markets, investors will keep an eye out for earnings from corporates, inflation data, FOMC Minutes and other news flows across the globe and domestically. Indian markets will remain closed on Friday, April 14 on the account of Dr. Babasaheb Ambedkar Jayanti.
“Given the upside horizon on domestic growth and a stable financial market, India is expected to have an edge in the performance of equities going forward. We can expect FII inflows to prosper going forward,” said Vinod Nair, Head of Research at Geojit Financial services.
Nifty closed higher for the second week in a row rising 1.38% over the week. It has built on the gains of the previous week helped by positive global cues. Nifty has closed above the downgap made on March 10 at 17574. Nifty could rise some more towards 17800 over the next few sessions while 17428 could offer support, according to Deepak Jasani of HDFC Securities.
