Reuters Market Eye - Technical indicators point towards some correction in Indian equity markets next week as it seems to have become overbought after a 3.5 percent rally in the Sensex in April, traders say.
Focus will now shift to the performance of monsoon rains in India and fund flows after the accommodative stance by global central banks. The RBI cut the repo rate by 25 bps as widely expected, but said there was limited room for further easing.
India’s factory output data for March and last fiscal year will be watched on May 10.
KEY EVENTS/FACTORS TO WATCH Sat/Sun: Asian Development Bank conference.
Mon: March Services PMI.
Tues: GlaxoSmithKline Pharmaceuticals Ltd (GLAX.NS) results
Thurs: Asian Paints (ASPN.NS) March-quarter results
Fri: March factory output data, Reliance Communications Ltd (RLCM.NS) earnings.
Reporting by Abhishek Vishnoi