NEW DELHI: Stock markets will be driven by further developments on the US-China tariff war front along with quarterly earnings announcements from IT majors Wipro and Infosys in a holiday-shortened week, analysts said. Global market trends and trading activity of foreign investors would also dictate market movement this week, experts noted.
Equity markets would remain closed on Monday for Dr Baba Saheb Ambedkar Jayanti and on Friday due to Good Friday. “The upcoming week is set to be volatile for global and Indian markets, as the trade war between China and the US intensified with both countries imposing tariffs on each other, causing turmoil in the markets. Domestically, WPI and Consumer Price Index inflation data are set to be released. On the global front major macroeconomic data of US, UK and China is set to be released,” Puneet Singhania, director at Master Trust Group, said.
US President Donald Trump unveiled a massive tariff plan in the first week of April. The White House later announced a 90-day pause on “reciprocal tariffs” for most countries except China, which in turn decided to impose 125% tariffs on US imports.
China on Friday upped its additional tariff on US goods to 125%, retaliating to America’s 145% levy. China, however, left the door open for talks between the world’s two top economies as the tariff war between them continued.
“The upcoming holiday-shortened week will remain sensitive to further developments on the US-China tariff front. On the domestic side, the spotlight will also be on corporate earnings, with heavyweights such as Wipro and Infosys from the IT sector, along with private banking majors HDFC Bank and ICICI Bank, scheduled to announce their quarterly results,” Ajit Mishra – SVP, research, Religare Broking, said. agencies