Key Points
US tariff policy and Fed speech to impact markets
Auto sales and PMI data key domestic triggers
FIIs pumped ₹17,426 crore last week
Nifty eyes 24,100 if it breaks 23,800 resistance
On the domestic front, auto sale data will be released by auto companies from Monday and India’s HSBC Composite PMI data for March is set to be released on Friday.
On the global front, markets will be driven by India-US tariff policy developments, the impact of US President Donald Trump's announcement of a 25 per cent tariff on finished vehicle imports effective April 3 and US Fed Chair Powell's Speech.
Further, many important economic data, including US job openings, US non-farm payrolls, and US unemployment rate, will be released next week.
Last week, the Indian stock market closed with gains. Nifty and Sensex rose by about 0.70 per cent to close at 23,519.35 and 77,414.92.
The rally was led by banking stocks. Bank Nifty closed at 51,564.81, up nearly 2 per cent.
On a sectoral basis, Nifty PSE and FMCG indices were the top gainers, while media and pharma indices were the top losers.
Foreign investors continued their buying spree last week as well. Between March 24 and 28, foreign institutional investors (FIIs) invested Rs 17,426 crore. Whereas domestic institutional investors (DIIs) invested Rs 6,797 crore in equities.
The Nifty closed 6.3 per cent higher in March, reversing the previous month's decline and closed on a strong positive note, supported by consistent foreign inflows.
Indian stock markets will remain closed on March 31 on account of Eid.
Puneet Singhania, Director at Master Trust Group, said, "For Nifty, strong support is placed at 23,300, and if breached, the index could decline toward 23,000. On the upside, resistance is seen at 23,800, and a breakout above this level could drive Nifty towards 24,100, potentially extending the rally."
