Nifty Hints at Muted Opening Ahead of BoJ and US Fed Meetings, Amid Shifts in Gold and Silver Prices

Indian Stock Market Bounces Back on Monday, Reversing Three-Day Losing Streak

The Indian stock market experienced a significant rebound on Monday, April 27, with the key benchmark indices rising around 1% and breaking a three-day losing streak. The gains were primarily driven by a rebound in IT stocks, as well as strong support from pharma and consumer goods shares.

The broader market also followed suit, with the Nifty Midcap 100 and Nifty Smallcap 100 indices surging more than 1.5%. Both the Nifty 50 and the BSE Sensex ended 0.80% higher.

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Market Outlook

The Gift Nifty index, which signals the opening sentiment of the Indian stock market, opened lower at 24,090 and touched an intraday low of 24,002 within an hour. By 7:45 AM, the index was trading around 24,015, nearly 80 points lower than yesterday's close of 24,093.

Market experts, including Hariprasad K, a SEBI-registered Research Analyst and Founder of Livelong Wealth, expect the Indian stock market to open on a muted note, with the Gift Nifty indicating a largely flat start around the 24,070 zone.

Bank of Japan Interest Rate Decision

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The Bank of Japan's (BOJ) policy meeting took place today, April 28, amid the ongoing Middle East crisis and fears of higher inflation due to the oil price spike. The BOJ has maintained a short-term interest rate target at 0.75%, as expected by most economists.

US Fed Rate Decision

The US central bank is widely expected to keep interest rates unchanged at its policy meeting next week, as energy prices stay high and supply chains are snarled due to the war in the Middle East. The Federal Reserve's two-day meeting, starting Tuesday, could be Chairman Jerome Powell's last at the helm of the independent institution.

Global Markets

Global markets present a mixed but cautiously constructive picture. The S&P 500 and Nasdaq Composite have scaled fresh record highs, reflecting underlying resilience in U.S. equities. However, the upside momentum remains constrained by unresolved geopolitical tensions, particularly around the Strait of Hormuz.

Stock-Specific Action

Stock-specific action is expected to remain robust, with a heavy earnings calendar driving participation. Key companies in focus include Maruti Suzuki India, Bandhan Bank, REC Limited, Dalmia Bharat, and insurance players like Star Health and Allied Insurance and Go Digit General Insurance.

Stock Recommendations

Market experts have recommended the following eight stocks for intraday trading:

These recommendations are based on the analysis of market experts, including Sumeet Bagadia of Choice Broking, Ganesh Dongre of Anand Rathi, and Shiju Koothupalakkal of Prabhudas Lilladher.