Market waits for cues from RBI policy, US Fed
The annual monetary policy review by the Reserve Bank of India (RBI), and US Federal Reserve's meet scheduled for this week may cause a few upsets, analysts say.
They, in fact, believe that two important policy events may help in providing a direction to bourses. "All the bad news has long been discounted, so sentiments will improve here on," Rajesh Jain, VP, SMC Global, said.
Experts believe that RBI monetary policy review on April 29, US Fed meet on April 29-30, and the last leg of corporate results could chart out the short-term way forward for investors.
Some major firms, including Reliance Energy, Hindustan Unilever, Glenmark Pharmaceuticals, Wockhardt and Televison Eighteen would announce their quarterly results this week.
"The results could trigger stock-specific activity on the bourses, although overall sentiments would be aligned with global market scenario," an analyst from a domestic brokerage firm said.
Jain said that with the strengthening dollar, situations are seeing an up-trend in US. This would reflect positively in the domestic market.