Four Factors that Will Affect Indian Markets this Week

COVID cases in India: India has reported more than 3 lakh COVID cases every day since April 21. Several parts of the country are under quasi-lockdowns and restrictions. This has hit Indias economic recovery, and stocks in sectors like banks, other financial services, travel and hospitality, have taken huge hits.

FII action: April has seen FIIs (foreign institutional investors) sell Rs 7,583.11 crore worth of equities until April 23. If the withdrawal continues, expect Indian markets to falter. In contrast, DIIs (domestic institutional investors) have been net buyers to the tune of Rs 7,960.71 in April so far.

India earnings data: Markets will be waiting for results of these companies for the March 2021 quarter that are scheduled to be released this week: Castrol India Ltd (NS:CAST), HDFC Life Insurance Company Ltd (NS:HDFL), SBI Cards and Payment Services Ltd (NS:SBIC), Tech Mahindra Ltd (NS:TEML), AXIS Bank Ltd (NS:AXBK), Bajaj Finance Ltd (NS:BJFN), Britannia Industries Ltd (NS:BRIT), HDFC Asset Management Company Ltd (NS:HDFA), Maruti Suzuki India Ltd. (NS:MRTI), United Breweries Ltd. (NS:UBBW), Bajaj Auto Ltd (NS:BAJA), Hindustan Unilever Ltd. (NS:HLL), Titan Company Ltd (NS:TITN), Marico Ltd (NS:MRCO) and Reliance Industries Ltd (NS:RELI).

Joe Biden‘s Wealth Tax: Details of US President Joe Biden’s proposed wealth tax will start emerging this week. Biden reportedly wants to raise the federal capital gains tax to 43.4% for the richest of individuals, bringing combined state and federal rates in places such as New York and California to well above 50% — the highest ever in US history. Expect volatility whenever these details emerge.

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