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  Business   Market  08 Apr 2019  Market in consolidation mode

Market in consolidation mode

THE ASIAN AGE. | ASHWIN J PUNNEN
Published : Apr 8, 2019, 1:31 am IST
Updated : Apr 8, 2019, 1:31 am IST

Domestic data such as manufacturing and industrial numbers and inflation will also be seen.

According to analysts, after hitting all-time high of 11761, the Nifty is struggling to maintain the momentum as profit-booking is emerging at higher levels.
 According to analysts, after hitting all-time high of 11761, the Nifty is struggling to maintain the momentum as profit-booking is emerging at higher levels.

Mumbai: The market is likely consolidate as the country gets into the election mode and the Q4 earnings season kicks off this week. Investors will also be closely watching the upcoming macro-economic data such as the Index of Industrial Production and Consumer Price Index.

According to analysts, after hitting all-time high of 11761, the Nifty is struggling to maintain the momentum as profit-booking is emerging at higher levels.

"We believe the week will be dominated by factors such as crude oil and currency movement. Domestic data such as manufacturing and industrial numbers and inflation will also be seen. Below average monsoon forecast has already put some dent in the sentiments, says Mustafa Nadeem, CEO, Epic Research.

The market is also concerned that RBI in its first bi-monthly report had observed that since last three consecutive quarters there is slowdown and macros were not favouring growth.  Globally, the growth engines are slowing given that the central banks have turned dovish, which is why RBI too reduced interest rates by 0.25 per cent. The markets need to align to such realities and is therefore heading for a correction, which should probably last till the last week of May, analysts said.

Tags: nifty, rbi, industrial production and consumer price index