The week will be a truncated one as market will be closed on Thursday on account of Holi
Mumbai: Indian market closed in the positive on Friday, Nifty closed below the 11,450 level with I.T. & private banks leading the gains.
For the week Sensex closed 3.5 per cent up, Nifty gained 4 per cent and Nifty Bank rose 5.8 per cent.
IndusInd Bank 12.3 per cent, HPCL 10.6 per cent, Airtel 9.4 per cent, BPCL 7.8 per cent, Adani Ports 7.6 per cent, Kotak Bank 7.5 per cent, SBI 6.7 per cent, ICICI Bank 6.6 per cent, Yes Bank 6.1 per cent and HDFC Bank 6.1 per cent were among nifty gainers whereas Tech Mahindra -1.4 per cent, Cipla -1.3 per cent, Tata Motors -1.3 per cent were among Nifty losers.
For the week Nifty's resistance is seen at 11500, 11730 whereas support is seen at 11250, 11180. Bank Nifty's resistance is seen at 29950, 29700; support at 29080, 28700.
The week will be a truncated one as market will be closed on Thursday on account of Holi.
Let's take a look at the events which will guide the markets.
India's stock exchange will take cues from the political exchange as election nears and most political parties are announcing their list of candidates for Lok sabha elections. BJP announced its list of candidates on Saturday. BTVI has learned from sources that Congress & AAP have agreed on an alliance with 3 seats each. In Bihar, the grand alliance led by Lalu Prasad Yadav's Rashtriya Janta Dal (RJD) is likely to announce seat sharing soon.
US Fed rate decision
US Federal reserve will announce its rate decision on Wednesday post a 2-day meet and is widely expected to keep rates unchanged. Fed Chairman will address a media conference post the rate decision and may give cues on future rate action and unwinding of Fed's balancesheet. Fed Chairman had said earlier that it intends to keep patience with future rate action.
Bank of England
BoE will detail its monetary policy on Thursday and is widely expected to keep rates unchanged. EU leaders will meet in Brussels for a two-day meeting from Thursday and Brexit will be the top issue. Earlier this month UK parliament voted against a revised withdrawal agreement presented by Prime Minister Theresa May. UK lawmakers rejected a no-deal Brexit and voted to request an extension to the March 29 deadline. UK PM called for a third “meaningful vote” on her Brexit deal.
Race for control at Mindtree
Mindtree board will be meeting on Wednesday to consider share buyback proposal. The tech company is taking this step to keep L&T away from control. Mindtree's buyback size is expected to be nearly Rs 1,000 cr. L&T wants to pick up the stake of VG Siddharta, an investor in Mindtree.
GST council meet
GST Council is expected to meet on Tuesday to decide on guidelines to support the changed tax rate structure for underconstruction houses. The meeting will happen via a video conference.
A crucial meeting between government officials and public sector banks will take place on Monday to assess recoveries for FY19 on Monday.
IL&FS bid process
IL&FS Group will receive first set of bids under asset monetization process on Monday as part of resolution process. IL&FS' board will later consider bids for Rs 8,000 crore renewable energy business that was put on the block in November 2018. This will be the first set of bids that will be opened under asset monetization process as part of resolution process by government-appointed and Uday Kotak-led new board.
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