Investor sentiment on Dalal Street remains upbeat, buoyed by India's solid domestic fundamentals and a relative calm in global markets—at least for now. With the Q4FY25 earnings season heating up, corporate performance is expected to steer the next leg of market direction.
From a technical standpoint, the Nifty 50 appears to be regaining its footing. The index faces resistance near 24,550, while 23,600 serves as immediate support. A breakout on either side could determine the market’s direction in the near term.
However, global volatility continues to simmer beneath the surface, driven by unresolved geopolitical tensions—particularly between the US and China—firm US bond yields, and an ambiguous macro policy environment. While Indian equities are holding their own, the broader global narrative hints at sluggish growth and a more volatile path ahead.
In this environment, Q4 earnings and global signals will be the compass for market watchers. Investors should stay agile—balancing India’s macro strength with an eye on unpredictable global currents. It’s a market where opportunity and caution go hand in hand.
Domestic Cues:
The HSBC Flash Composite, Manufacturing, and Services PMI for April is scheduled for release on Wednesday, 23 April 2025.
The HSBC India Composite PMI rose to 59.5 in March 2025, improving from 58.8 in the previous month. The HSBC India Manufacturing PMI was adjusted upward to 58.1 in March 2025, surpassing the flash estimate of 57.6. The HSBC India Services PMI was revised higher to 58.5 in March 2025 from the preliminary estimate of 57.7, but declined from the previous month’s reading of 59.0, marking the 44th consecutive month of growth in services activity.
Global Cues:
United States Durable Goods Orders data for March will release on Thursday, 24 April 2025. New orders for manufactured durable goods in the US unexpectedly increased $2.7 billion or 0.9% month-over-month to $289.3 billion in February 2025, following an upwardly revised 3.3% jump in January and beating forecasts of a 1% fall.
United States Existing Home Sales data for March will release on Thursday, 24 April 2025. Existing home sales in the US rose by 4.2% from the previous month to a seasonally adjusted annualized rate of 4.26 million homes in February of 2025, rebounding from the downwardly revised 4.7% drop in the previous month.
Japan's Jibun Bank Flash Manufacturing and Services PMI for April is scheduled for release on Wednesday, 23 April 2025. The Au Jibun Bank Japan Manufacturing PMI was revised higher to 48.4 in March 2025 from 48.3 in the preliminary estimates, but below the prior month of 49, marking the ninth consecutive month of contraction. The Au Jibun Bank Japan Services PMI recorded 50 in March 2025, improving from the flash estimate of 49.5 but declining from February’s six-month high of 53.7.