Though the week took off to a rocky start following oil’s knee jerk reaction to the producers’ meet, which concluded on April 17, without a decision on output freeze, Brent’s surge to 46 dollars a barrel, steadied nerves across global markets. It also helped US equities settling higher on expectations of better Q1 figures, and also due to economic data pointed to a healthy labour and housing market. However, caution replaced such positivity ahead of ECB monetary policy announcement on Thursday, which kept its policy repo rates on hold as expected.
Indian markets were also boosted by good Q4 result announcements by IT majors, while data showed that WPI for March fell for the 17th consecutive month. But the approach of the psychological mark of 8,000 in Nifty did encourage profit booking.
Meanwhile, Q1 figures of major US companies including Alphabet announced later in the week also pushed US markets in the red. However, expectations of key bills being passed in Parliament when it meets again next ensured that prospects of value buying remained attractive, restricting price falls on Friday.
Indian markets would also get more sectors’ figures next, and stock specific moves should dominate next week’s proceedings, even as global markets keep an eye on FOMC meeting on April 27 and 28, which is widely expected to take a dovish stand.