Investors will focus on global cues and fresh news flow on Covid-19 pandemic for further cues in the week ahead, according to analysts. They will continue to monitor updates related to the novel coronavirus, or COVID-19, which continues to spread across the global unabated. Globally, the total number of reported cases has now risen to over 7.2 lakh with nearly 34,000 deaths. In India, the total number of confirmed coronavirus cases has crossed 1,000 mark, with 27 people dead so far.
Market participants will also await more relief measures from the government, especially the ones addressing industry-specific worries.The government has already announced a Rs 1.7 trillion stimulus package, focusing largely on the marginalised sections of the society. The Reserve Bank of India also cut the benchmark interest rate by 75 basis points and announced many other liquidity measures. However, experts feel the government could announce major economic relief package for industries in the coming days.
In terms of macro data, PMI data for the manufacturing sector is scheduled to be released on Thursday. Moreover, auto sales data for March will start trickling in this week which will affect individual stock movement. Investors will keep a keen eye on these data points.
They will also track foreign fund flows, the Rupee's trajectory, and oil price movement. Crude oil benchmarks dropped on Monday, extending last week’s losses as the global coronavirus pandemic worsened and the Saudi Arabia-Russia price war showed no signs of abating. Brent futures fell 5.6 per cent to $23.53 a barrel.
Another big focus during the week will be the PSU banks mergers which, the government has said is very much on track for implementation from April 1 despite the outbreak of coronavirus.
Now, let's see how the global markets have fared this morning. Asian shares slid on Monday as fears mounted that the global shutdown for the coronavirus could last for months, doing untold harm to economies. E-Mini futures for the S&P 500 skidded 1.2 per cent right from the bell, and Japan’s Nikkei 3.2 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2 per cent, while South Korea shed 2.7 per cent.
As for the SGX Nifty, it was also down 200 points around 7:30 am, indicating yet another lower start for the domestic indices. So, after Friday's 100 point fall in Sensex, expect the trend to continue today.
Read by: Kanishka Gupta
 "Market Ahead, March 30: Top Factors That Could Guide Markets This Week")
