Business News Live: Stock Market In The Green. Sensex Above 73,450; Nifty Tests 22,300

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The stock markets last week exhibited a major bearish sentiment, before reversing the trend and attempting a recovery rally in the last trading session on Friday. The BSE Sensex settled at 73,088, after climbing almost 600 points, while the NSE Nifty50 closed the session at 22,147, gaining more than 150 points. The Sensex declined close to 700 points in the early trading hours, while the Nifty reached a fresh intra-day low of 21,778, before closing in the green.

This week will be driven by the earnings season as Reliance Industries, along with others report their financial results for the last quarter of the 2023-24 fiscal year. Geopolitical conflicts, specially Iran-Israel tensions, will drive the markets in the week.

Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd, noted, “This week will be crucial for the market amid ongoing worries about the conflict between Iran and Israel. If tensions escalate significantly, there’s a risk of panic selling and increased volatility across global stock markets. Moreover, the market will be keeping a close eye on fluctuations in crude oil prices, as geopolitical events frequently impact them.”

The major earnings expected in the week include Tech Mahindra, Bajaj Finance, Bajaj Finserv, Nestle India, Maruti Suzuki, and HCL Tech.

Further, India will also see the release of the HSBC Manufacturing, Services, and Composite PMI numbers for April in the first half of the week. The foreign exchange reserves for the country, till April 19 this month, will be revealed by the end of the week.

The Bank of Japan will also announce its interest rate decision on Friday, giving an insight into the country’s monetary policy ahead.

Notably, the key equity benchmark indices experienced major erosion last week. The Sensex decreased 1.55 per cent or 1,156.57 points, while the Nifty50 experienced a drop of 1.65 per cent or 372.4 points.

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