Stock market today: Earnings reaction, external triggers to keep the indices in narrow range on Monday

Indian markets are expected to open flat after a holiday-shortened week. The GIFT NIFTY traded flat at 23,804 on Monday morning. The benchmark indices are expected to respond to Q4 earnings released over the weekend. HDFC Bank and ICICI Bank posted a strong set of numbers on Saturday. Globally, the trade tensions continued to escalate further with Trump posting a non-tariff cheating list, indicating the potential to tightenup the restrictions further.

The Asian markets opened mixed on Monday morning after the Japanese markets traded with losses of 1%, and Hong Kong and Chinese markets traded in green. China ramped up its budget spending at the fastest pace since 2022. The move is part of a broader strategy to boost domestic demand and support industries hit by trade tensions.

US market

The US markets continued to remain in lurk as the Trump administration plans to investigate the critical minerals imports to the US, escalating the tensions between the US and China. The Dow Jones, NASDAQ and S&P 500 ended the week in red with losses of up to 2.5%. The US index futures indicate a weak opening on Monday.

Crude oil price

The crude oil prices hovered around $60 per barrel levels last week as trade war tensions and a higher output outlook by the oil-producing nations added pressure on the price. The WTI crude oil prices dropped 1.2% on Monday morning to trade near $62.5, and Brent crude oil prices traded $66 per barrel.

FII and DII data

The FIIs posted the best buying numbers in the last week by adding more than ₹13,000 crore into the Indian markets. Moreover, the derivatives market position also remains light with 83,000 contracts on the short side. On the other hand DIIs have sold equities worth ₹6,000 crore.

The coming week is expected to be a volatile one for local equity markets on account of F&O expiry, which is scheduled to take place on April 24. On the economy front, investors will be eyeing HSBC Manufacturing PMI Flash, HSBC Composite PMI Flash, HSBC Services PMI Flash, which are scheduled to be release on April 23, Bank Loan Growth, Deposit Growth, Foreign Exchange Reserves data going to be out on April 25.