On April 29, 2024, the stock market is set to begin trading on a positive note as indicated by the overseas market trends. Key indices are expected to open with gains, with indicators such as the Gift Nifty futures suggesting a potential gap-up opening on the Nifty 50 index. In Asia, markets like Taiwan, Hang Seng, and Kospi showed advances, while the Nikkei remained closed for trading.
ICICI Bank is anticipated to be in the spotlight following its announcement of a 17% growth in net profit, amounting to Rs 10,707 crore. In the mutual funds sector, Nippon India Large Cap Fund has shown significant performance, ranking in the top 30th percentile for large-cap funds according to CRISIL Mutual Funds Ranking, accompanied by notable growth in assets under management. The Indian market has demonstrated growth with an increased number of large-cap stocks, reflecting the market's ability to attract global capital flows.
The fiscal success of asset management companies has garnered positive reception on Dalal Street, with growth in net profit and revenue reported for the financial year 2023–24. Regulatory measures, alongside monetary policy announcements, were noted to impact stock markets, as highlighted in a working paper by RBI officials. Additionally, the announcement of guidelines by the Reserve Bank of India for small finance banks converting into universal banks is expected to influence the market. Moreover, early reports from companies indicate a positive growth trajectory in sales, with the BFSI sector leading the charge.
Looking ahead, it is anticipated that India will witness an increase in private capital expenditure and foreign direct investment post the current elections, as projected by the Confederation of Indian Industry. As S&P Global Ratings suggest a potential slowdown in loan growth for banks in the upcoming fiscal year, other market dynamics like the attractiveness of the Indian rupee for carry trades have been discussed. Market analysts have also provided trading strategies with suggested stop-loss levels for investors to manage potential losses effectively.