India Week Ahead: Macro eco data, F&O expiry, Brexit to guide markets

Shiv Gupta
Indian markets halted its 8-day gaining streak to end in the negative on Friday. Nifty index extended weekly gains for the fifth consecutive week. Bank Nifty hit the 30,000-level milestone before closing over 400 points below day's high.

Indian markets halted its 8-day gaining streak to end in the negative on Friday.

Nifty index extended weekly gains for the fifth consecutive week. Bank Nifty hit
the 30,000-level milestone before closing over 400 points below day's high.

For the week Sensex closed up 0.3%, Nifty gained 0.2%, Nifty Bank rose 0.7%,
Hindalco 4.8%, DRL 3.5%, Indiabulls Housing Finance 3.5%, Infosys 3.2%,
Axis Bank 3%, Yes Bank 3% were among nifty gainers. Whereas Maruti -7.5%,
Coal India -5.3%, Eicher -5%, Zee Ent -4.3%, BPCL -4% and HPCL -3.3% were
among Nifty losers.

This will be the last trading of Financial Year 2019, lets take a look at
some events which will guide the markets.

Macro Eco data
Few macro economic data will be released this week, Fiscal deficit data for period April-February will be released on Friday, remember government has already breached fiscal deficit to 122.5% earlier. Last week Finance Minister announced government has garnered Rs 85,000 cr via divestment vs target of Rs 80,000 cr. A government official said GST Collection for the month of March may touch Rs 1 lk cr. Core sector data for the month of February due to be released on Friday is expected to be at 1.8%

F&O expiry
Market may see some volatility this week as traders rollover positions as March F&O series expires on Thursday.

Brexit
Britain will not exit EU on Friday as declared earlier as its MPs voted against
PM May's brexit plan. EU has offered Britain choice of short Brexit delays. EU has allowed time to UK until at least mid-April. The bloc said it will extend the deadline until May 22 if Britain's Parliament approves Prime Minister Theresa May's Brexit deal this week. PM May has been seeking a three-month delay to Britain's departure. The EU has been considering shorter timeframes.

RBI Pre-policy meet
RBI Governor Shaktikanta Das will hold discussions on Tuesday with representatives of trade bodies and credit rating agencies on interest rate and steps to boost economic activities. The meeting comes ahead of the next financial year's first MPC meet scheduled for April 4, is aimed at broadening the consultation process. The bi-monthly policy to be finalised by the six-member Monetary Policy Committee (MPC), assumes significance as it would be announced just a week before the commencement Lok Sabha polls.

Battle for Mindtree
Mindtree board will meet on Tuesday to decide on a share buyback programme, the move is aimed at reducing outstanding shares as engineering major L&T launches a hostile bid to acquire control of Mindtree. L&T has already purchased over 20% stake from VG siddhartha, an early investor in Mindtree. L&T said it will acquire 15% stake from open market and eventually launch an open offer to buy another 31% stake in Mindtree.

Race for Essar Steel
NCLAT will hear Essar Steel Insolvency case next on Wednesday to decide on division of funds between financial & operational creditors for Essar Steel. Earlier NCLAT allowed ArcelorMittal bid for Essar Steel which is one of the biggest account under IBC process.