Equity market awaits US Fed meet for fresh cues, says Swastika Investmart

New Delhi, April 30: The equity market is likely to kick off next week on a sombre note after a sharp fall in the US market overnight and the focus will shift to the outcome of the US' Federal Open Market Committee (FOMC) meeting, said financial advisory firm Swastika Investmart.

FOMC meeting is crucial amid record inflation and growth worries, it said. The meeting is reportedly scheduled for Wednesday. The Indian equity market ended on a weak note for the third week in a row, however, the losses were mild. The market remained range-bound but a stock-specific move was witnessed amid Q4 earnings pouring in.

"The next week is going to be a truncated one as the market will remain shut on Tuesday on account of Ramzan Eid. Global cues will dominate because apart from the FOMC meeting, there will be a release of BOE interest decisions, US Payroll numbers, and Worldwide PMI numbers," it said in a note.

The movement in commodity prices, dollar index, and FIIs' behaviour will remain other key factors in the equity market outlook.