The domestic stock market will remain close on Monday on account of a public holiday. The benchmark indices managed to close the week ended March 4 with gains of over 6 per cent each, but going forward local and global cues will drive market direction.
The S&P BSE Sensex closed 39.49 points higher at 24,646.48 while Nifty50 ended 9.75 points higher at 7,485.35 on Friday.
The market had one of the best weeks in a long time as the Union Budget exceeded expectations mainly on account of fiscal prudence. Expectations of a rate cut by RBI sustained sentiments. Supportive global markets also supported the sharp gains following a sharp fall ahead of the Budget,” said Dipen Shah, Senior Vice-President & Head of Private Client Group Research,
“Going forward, the market will watch out for the rate cut in the immediate term. After that, quarterly earnings, monsoon rains, implementation of Budget proposals and reforms will be the important triggers,”