Mumbai: Indian markets closed last week on a high as benchmark indices registered strong gains and the rally continued after a better than expected mandate for Narendra Modi government. Nifty closed near the 11,850-mark as it gained over 1.5 per cent on Friday. All Nifty sectoral indices closed in the green.
For the week, Nifty closed up by 3.8 per cent, Sensex gained 4 per cent while Nifty Bank rallied 6 per cent. IndusInd Bank 20 per cent, L&T 13 per cent, Adani Ports 11.2 per cent, SBI 10.7 per cent and ICICI Bank 10.3 per cent were among Nifty gainers. Whereas Tech Mahindra -6 per cent, ITC -3.6 per cent, DRL -3.2 per cent, TCS -2 per cent, Infosys -1.7 per cent and Wipro -1.4 per cent were among Nifty losers.
For the week Nifty resistance is seen at 12000, 11860; Support at 11650, 11730, and for Bank Nifty resistance is seen at 31250, 31730; Support at 31000, 30600
A look at some events which will guide the markets.
Modi government swearing in
After getting a historic mandate, PM Modi and his council of ministers will be sworn in this week. NDA group of leaders met on Saturday and elected PM Modi as their leader, sources informed BTVI. PM Modi has already charted out the 100 day agenda for key ministries.
CSO will detail Q4 GDP data on Friday. It is expected to be at 6.1 per cent and for the full year FY19 it is expected to be around 7.2 per cent. There are some concerns of economy slowing down with consumption dipping and auto sales taking a hit.
Other macro economic data
Apart from GDP there will be a slew of macro economic data that will be released this week, fiscal deficit and core sector data for the month of April will be released on Friday. Auto companies will detail sales data for the month of May on Saturday. Government will release GST collection data for the month of May on Saturday.
Market may see some volatility as traders look to rollver position with F&O series for the month of May expiring on Thursday.
MSCI India rejig
MSCI will rejig their india index effective Wednesday. ICICI Lombard, SBI Life, HDFC Life, RBL Bank and Info Edge will be included whereas Vodafone Idea and Cadila Healthcare will exit. This is as per the MSCI quarterly index review.