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India stocks seen extending gains next week on global cues

Investors will also keep an eye on the detailing of automobile sales numbers for February.

Domestic share indices are seen extending their gains to next week as markets across the globe shrugged off worries over an increase in pace of interest rate hikes in the US.

A Federal Reserve official on Thursday said he expects the US central bank to raise interest rates twice in 2018 as against the Fed’s own guidance of three hikes.

Next week the Nifty 50 is seen moving in a range of 10,300-10,650 points.

Today, the Nifty 50 ended at 10,491.05, up 108.35 points or 1% from its previous close. The Sensex ended at 34,142.15, up 322.65 points or 0.9%.

Market participants will monitor global markets, with the US Federal Reserve due to publish its monetary policy report today, before new chair Jerome Powell’s testimony to the Congress next week.

Investors will also keep an eye on the detailing of automobile sales numbers for February.

Shares of metal companies are expected to continue their rise next week.

Metal companies were the top performers today, after equity markets in China reopened after being closed for a week on account of Lunar New Year holidays.

Some automobile stocks are also expected to outperform benchmark indices next week.