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March quarter earnings, trends in global stock markets, the movement of rupee against the dollar and crude oil prices will dictate the trend on the bourses in the near term. Investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) will also be monitored.
The key thing to watch out for in the near future would be the US bond yields because any rise in yields can take out the FII money from developing countries like India to western markets and could also be a risk for emerging markets currencies.
The Dollar Index, which measures the US currency against a basket of six peers, will also be closely watched.
India Inc will continue to report its March quarter earnings. HDFC Bank will declare result for the quarter ended 31 March 2021 on 17 April 2021. ACC will unveil result for the quarter ended 31 March 2021 on 19 April 2021. Nestle India will announce result for the quarter ended 31 March 2021 on 20 April 2021. Indus Towers will declare result for the quarter ended 31 March 2021 on 22 April 2021. HCL Technologies will declare results for the quarter ended 31 March 2021 on 23 April 2021.
A continued surge in the second wave of COVID-19 cases in the country has posed a risk to the sustainability of the rebound of earnings momentum. While the government’s strong effort to expedite vaccination progress and absence of complete lockdown in Maharashtra and Delhi offered some comfort to equities, the risk of other states taking steps of wider economic restrictions continues to persist, which may continue to weigh on investors’ sentiments in the near term. Unlike last year, states seem to be reluctant this time for complete lockdown due to wider ramification on economic activities.
Total COVID-19 confirmed cases worldwide stood at 13,91,09,041 with 29,86,608 deaths. India reported 15,69,743 active cases of COVID-19 infection and 1,74,308 deaths while 1,25,47,866 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Overseas, China will announce Loan Prime Rate for 1 year and 5 years on 20 April 2021.
Japan will announce inflation rate for March on 23 April 2021.
The European Central Bank (ECB) will announce its interest rate decision on 22 April 2021.
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