NEW DELHI: After a record rally in the stock market over the past few days, indices may see cautious trading in a holiday-shortened week ahead amid the onset of general elections from Monday and industrial production data for February due on Friday, experts said. The stock markets will remain closed on Tuesday for ‘Ram Navami’.
BJP will release its manifesto on April 7 in Delhi where a number of its senior party leaders, including Prime Ministerial candidate Narendra Modi will be present. The manifesto, which will highlight the party’s promises to lure the voters for bringing it to power, will be coming out on a day when polling in six Lok Sabha seats in Assam and Tripura will be held.
“IIP is the only important data schedule this week. Continued fund inflow along with appreciation in domestic currency is pushing the benchmarks to new highs. “Participants especially global investors are expecting clear mandate to any political party in the upcoming elections thus they are optimist on growth prospect ahead,” said Jayant Manglik, President-retail distribution, Religare Securities Limited.
Lok Sabha elections will be held from April 7 to May 12 in nine phases. Besides, analysts said that the next major trigger for the stock market is the March quarter corporate earnings, starting on April 15 with IT major Infosys.
Brokers attributed the rally in the stock market over the past few days to hopes of a stable Government at the centre after the forthcoming general elections and the country’s economy returning to high growth path. The Sensex hit an all-time intra-trade high of 22,620.65 last week and ended with a gain of 19.53 points at 22,359.50. Meanwhile, foreign institutional investors (FIIs) continued their buying spree, acquiringshares worth over Rs 5,000 crore during the past week, including the provisional figure of April 4, as per the SEBI’s data. —PTI