Markets To Remain Closed On Thursday, Q4 Earnings, Inflation Data To Influence Investors

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Rupee Appreciates 8 Paise To 83.23 Against US Dollar In Early Trade

The Indian rupee appreciated 8 paise to touch 83.23 against the US dollar in early trade on Monday, backed by strong domestic equities and fresh inflow of foreign funds. The forex traders noted that the market sentiment got boosted by a fall in crude oil prices, however, the strong American dollar impacted the gains of the domestic currency. In the last trading session on Friday, the rupee settled at 83.31 against the greenback, marking an appreciation of 8 paise. 

Stock Market: Sensex Climbs Over 300 Points, Nifty Hits 22,600

The stock market continued to rally ahead as the trading session officially opened on Monday. As of 9:30 AM, the BSE Sensex climbed over 300 points to touch 74,560.31, while the NSE Nifty50 traded at 22,599.60, gaining close to 100 points. 

Stock Market: Sensex Above 74,500 In Pre-Open, Nifty Climbs Over 50 Points

The stock markets entered the trading week on a positive note and inched ahead in the pre-open session on Monday. As of 9:15 AM, the BSE Sensex stood at 74,507.43, climbing more than 250 points, while the NSE Nifty50 traded at 22,571.45, at a gain of over 50 points.

Vistara To Reduce Flights By 10 Per Cent To Stabilise Operations

Vistara announced on Sunday that it is implementing a reduction of 10 per cent in its flight capacity in an attempt to stabilise operations. The disruption-hit carrier has been recently facing issues due to non-availability of crew and has taken the step to help provide some relief in the rosters. The airline will cut back about 25-30 flights daily and has informed that most of the cancellations will be in the domestic flights. 
“We are carefully scaling back our operations by around 25-30 flights per day, i.e. roughly 10 per cent of the capacity we were operating. This will take us back to the same level of flight operations as at the end of February 2024, and provide the much-needed resilience and buffer in the rosters,” the Tata Group airline said in an official statement. 

Background

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The markets will enter the holiday-shortened trading week on the lookout for cues from global trends, domestic macroeconomic announcements, currency fluctuations, and investors’ activities. The stock market in the week will remain closed on Thursday to mark the festival of Eid-Ul-Fitr. 

The indices closed last trading week on a slightly higher note, amidst major volatility seen throughout the week. In the last trading session on Friday, the S&P BSE Sensex ended the session at 74,248, registering a gain of about 21 points, while the NSE Nifty50 closed trading at 22,514, inching ahead by 1 per cent. 

This week will mark the beginning of the earnings season for Indian companies for the January to March quarter of the 2023-24 fiscal year. TCS will kick off the season and is scheduled to reveal its Q4 earnings on Friday. Further, India is also set to release its inflation data in the latter half of the week.

Sharing an outlook on the week ahead, Santosh Meena, Head of Research, Swastika Investmart Ltd, noted, “Indian companies are set to enter a new corporate earnings Q4 season this week. Leading the pack is IT services giant TCS, set to kick off the earnings season for the quarter ending March 2024. Its results for the fourth quarter of FY24 will be announced on April 12, 2024, after market trading hours. Apart from that India’s industrial production data will also be announced on 12th April 2024. On the same day, inflation for March will be declared.”

Notably, the foreign portfolio investors (FPIs) reversed the trend in Indian equities and withdrew Rs 325 crore from the segment in April so far. The investors turned cautious amidst the relatively surging valuations and the upcoming general elections in the country. The official data with the depositories revealed that investors remained bullish on the Indian debt market and pumped Rs 1,215 crore in the segment as of April 5, 2024. 

The overall inflow from FPIs in the Indian equities stood at well over Rs 10,500 crore, while the Indian debt market saw an infusion of more than Rs 57,000 crore in the year so far.

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