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Below is on Weekly Market Outlook 28 April 2023 By Vinod Nair, Head of Research at Geojit Financial Services

The Indian market saw a reversal in trend compared to the previous week, with strong earnings reported by heavyweights, especially banks, boosting sentiment. Meanwhile, oil prices declined due to concerns over the global economic slowdown, which outweighed the prospect of tighter supplies by OPEC+. As India is a large importer of crude, the correction had a positive impact on the market. However, global markets continued to spill volatility into the home market as the Fed is expected to hike its policy rates by another 25 bps. The release of a weaker US GDP number and high inflation will trigger further cautiousness in the global market in the coming days, though stronger-than-expected earnings reported by Meta propelled strong buying in IT stocks. In the domestic market, the release of PMI numbers and quarterly earnings will sway investor sentiment in the upcoming sessions, along with the Fed policy announcement.

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