Market rallies for 8th day; Nifty ends above 17,800.

The domestic equity benchmarks ended a volatile session near the day's high on Wednesday, rising for the eighth trading session. The Nifty settled above the 17,800 level after hitting the day's low of 17,717.25 in early trade. Healthcare, pharma and IT shares saw buying demand while PSU bank, media and FMCG stocks saw a bit of selling pressure.

As per closing data, the barometer index, the S&P BSE Sensex rose 235.05 points or 0.39% to 60,392.77. The Nifty 50 index added 90.10 points or 0.51% to 17,812.40. In eight consecutive sessions, the Sensex jumped 4.82% while the Nifty climbed nearly 5.08%.

In the broader market, the S&P BSE Mid-Cap index gained 0.57% while the S&P BSE Small-Cap index advanced 0.41%.

The market breadth was strong. On the BSE, 2,085 shares rose and 1,414 shares fell. A total of 116 shares were unchanged.

IT major, Tata Consultancy Services (TCS) advanced 0.87% ahead of Q4 results today.

Investors awaited the release of India CPI and US CPI data for March along with US FOMC meeting minutes, which are slated for release later today.

The Indian stock market, which has been performing well in recent months, could face a significant setback if the number of covid cases continues to rise. Traders were also keeping an eye on the government's response to the situation, as any measures taken to control the spread of the virus could have a direct impact on the stock market.

COVID-19 update:

India recorded 7,830 new coronavirus infections, while the active cases increased to 40,215, the highest number of COVID-19 cases in seven months according to the Union Health Ministry data updated on Tuesday.

Active cases in the country stood at 0.09% while recovery rate was currently at 98.72%. 4,692 recoveries were registered in the last 24 hours taking the total recoveries to 4,42,04,771.

Under Nationwide Vaccination Drive, 220.66 crore total vaccine doses (95.21 crore second dose and 22.87 crore precaution dose) have been administered so far.

Economy:

The International Monetary Fund (IMF) has cut its GDP growth forecast for India for the financial year 2023-24 by 20 basis points to 5.9%.

Chief economist of IMF Pierre-Olivier Gourinchas said while the global economy's gradual recovery is on track, the recent banking instability has highlighted the fragilities in the rebound story.

The IMF has projected that global growth will bottom out at 2.8% in 2023 before rising modestly to 3% next year and has said policymakers need a steady hand and clear communication to tide over this period of instability.

Stocks in Spotlight:

HDFC Bank gained 1.22% announced that its board will meet on 15 April 2023 to consider raising funds worth Rs 50,000 crore via perpetual debt instruments through private placement mode.

Delta Corp rose 0.71%. The gaming and casino firm's consolidated net profit grew by 6.36% to Rs 51.17 crore on 4.05% increase in revenue to Rs 227.16 crore in Q4 FY23 over Q4 FY22.

The company's income from casino gaming division was at Rs 214.46 crore (up 1.8% YoY), online skill gaming division was at Rs 47.41 crore (up 11.47% YoY) and hospitality division stood at Rs 16.07 crore (up 29.81%), during the period under review.

Sula Vineyards surged 9.81% after the company said that its own brands sales volumes crossed 1 million cases, with Elite & Premium wines surging past the 5 lakh case mark for the first time. The company's own brands sales stood at Rs 104.3 crore in Q4 FY23, recording a growth of 15% from Rs 90.7 crore posted in the same quarter a year ago. Wine tourism business jumped 18% to Rs 12.4 crore in quarter ended 31 March 2023 as against Rs 10.5 crore reported in Q4 FY22.

Bharat Heavy Electricals lost 0.26% while Titagarh Wagons rose 0.80%.The consortium of BHEL and Titagarh Wagons has received an order for supply of 80 nos. sleeper class Vande Bharat trains. The consortium also has undertake comprehensive maintenance of the same for 35 years in accordance with the terms and conditions of the agreement. The trains have to be supplied within a period of 72 months and the contract has been awarded at the rate of Rs 120 crore per train.

Adani Enterprises advanced 2.37% after the company announced that it has incorporated a wholly-owned subsidiary, Pelma Collieries (PCL) for carrying out coal washery related business. The company incorporated Pelma Collieries on 7 April 2023, with an initial authorised share capital of Rs 10 lakh and paid-up share capital of Rs 5 lakh.

Nestle India declined 1.28%. The company announced that its board of directors today (12 April 2023) has declared an interim dividend of Rs 27 per share for the year 2023. The total dividend payout for the company would be Rs 260.32 crore.

Paras Defence and Space Technologies added 1.66% after the company's subsidiary, Paras Anti-drone Technologies has entered into Memorandum of Understanding (MoU) with Spacekawa Explorations (Kawa Space) for indigenous development.

Adani Transmission declined 1.17%. The company said that its subsidiary Adani Electricity Mumbai (AEML), in the last two years, has increased the share of renewable energy (RE) procurement from 3% to 30% at end of 31 March 2023. The regulatory asset base (RAB) of the company increased to Rs 7,479 crore in FY22 from Rs 5,607 crore, at a CAGR of 10.10%.

Container Corporation of India (CONCOR) rose 1.45% to Rs 600.55 after the company said that total throughput increased by 4.71% to 11,19,034 twenty-foot equivalent units (TEUs) in Q4 FY23 from 10,68,721 TEUs recorded in Q4 FY22.

Global Markets:

Shares in Europe and Asia advanced on Wednesday as investors await key U.S. inflation data that will determine the Federal Reserve's path forward in its tightening cycle.

US stocks closed mixed on Tuesday ahead of the inflation data. The US consumer price index (CPI) for March will be released on Wednesday followed by wholesale prices on Thursday.

Equity benchmarks march towards the day's high; IT shares in demand.

The domestic equity benchmarks marched towards the day's high in early afternoon trade. The Nifty managed to hold above the 17,750 level after hitting day's low of 17,717.25 in early trade. IT shares witnessed across the board buying.

The barometer index, the S&P BSE Sensex, was up 138.94 points or 0.23% to 60,296.66. The Nifty 50 index added 53.65 points or 0.3% to 17,775.95.

In the broader market, the S&P BSE Mid-Cap index gained 0.34% while the S&P BSE Small-Cap index rose 0.51%.

The market breadth was strong. On the BSE, 2,052 shares rose and 1,283 shares fell. A total of 122 shares were unchanged.

Investors awaited the release of India CPI and US CPI data for March along with US FOMC meeting minutes, which are slated for release later today.

COVID-19 Update:

India recorded 7,830 new coronavirus infections, while the active cases increased to 40,215, according to the Union Health Ministry data updated on Tuesday.

Active cases in the country stood at 0.09% while recovery rate was currently at 98.72%. 4,692 recoveries were registered in the last 24 hours taking the total recoveries to 4,42,04,771.

220.66 crore total vaccine doses (95.21 crore second dose and 22.87 crore precaution dose) have been administered so far under Nationwide Vaccination Drive.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.37% to 12.14. The Nifty 27 April 2023 futures were trading at 17,828.95, at a premium of 53 points as compared with the spot at 17,775.95.

The Nifty option chain for the 27 April 2023 expiry showed maximum Call OI of 38.3 lakh contracts at the 18,000 strike price. Maximum Put OI of 59.8 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty IT index rose 0.71% to 28,880. The index had declined 1.26% to end at 28,675.75 yesterday.

Coforge (up 1.69%), Infosys (up 0.85%), Persistent Systems (up 0.8%) and Wipro (up 0.78%) were the top gainers.

Among the other gainers were HCL Technologies (up 0.69%), Mphasis (up 0.68%), Tata Consultancy Services (up 0.49%), L&T Technology Services (up 0.41%) and LTI Mindtree (up 0.33%).

Tech Mahindra rose 1.12%. The IT firm said that the company will announce its audited results for the fourth quarter and year ended 31 March 2023 on 27 April 2023.

Buzzing Index:

The Nifty Healthcare index gained 0.88% to 12,852.10, continuing its rising streak to fourth day. The index advanced 3.27% in four trading sessions.

Sona BLW Precision Forgings Ltd (up 3.56%), Samvardhana Motherson International Ltd (up 1.76%), Balkrishna Industries Ltd (up 1.49%), Bajaj Auto Ltd (up 1.42%), Bharat Forge Ltd (up 1.41%), Tata Motors Ltd (up 1.34%), Tube Investments of India Ltd (up 1.06%), Eicher Motors Ltd (up 1.01%), MRF Ltd (up 0.97%) and Bosch Ltd (up 0.97%) advance

Stocks in Spotlight:

Lumax Industries fell 0.82%. The company' board approved Vineet Sahni's resignation from the post of whole time director and chief executive officer (CEO) of the company, effective from the close of business hours on 14 April 2023.

HFCL shed 0.16%. The telecom company on Wednesday announced that it has received the purchase orders aggregating to Rs 123.84 crore from Reliance Projects & Property Management Services for supply of optical fiber cables.

Global Markets:

Asian stocks were trading mostly higher on Wednesday as investors await key U.S. inflation data that will determine the Federal Reserve's path forward in its tightening cycle.

US stocks closed mixed on Tuesday ahead of the inflation data. The US consumer price index (CPI) for March will be released on Wednesday followed by wholesale prices on Thursday.

Indices gain for 7th day, Nifty ends above 17,600, metal stocks shine.

The domestic equity barometers ended with significant gains after a volatile session on Tuesday, extending gains for the seventh trading session. The Nifty settled above the 17,700 level. Metal, banking and financial services shares advanced while IT, consumer durables and realty stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex rose 311.21 points or 0.52% to 60,157.72. The Nifty 50 index added 98.25 points or 0.56% to 17,722.30. In seven consecutive sessions, the Sensex jumped 4.42% while the Nifty climbed nearly 4.55%.

In the broader market, the S&P BSE Mid-Cap index advanced 0.40% while the S&P BSE Small-Cap index gained 0.62%.

The market breadth was strong. On the BSE, 2,257 shares rose and 1,287 shares fell. A total of 115 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 2.42% to 11.98.

Buzzing Index:

The Nifty Metal index rose 1.76% to 5,668.25, extending gains for the fourth day in a row. The index surged 3.48% in four trading sessions.

JSW Steel (up 3.65%), Tata Steel (up 2.48%), Jindal Steel & Power (up 2.44%), NMDC (up 2.26%) and Ratnamani Metals & Tubes (up 1.57%), Hindalco Industries (up 1.48%), Vedanta (up 1.06%), National Aluminium Company (up 1%), Welspun Corp (up 0.89%) and APL Apollo Tubes (up 0.51%) advanced.

On the other hand, Jindal Stainless (down 2.4%) and Hindustan Zinc (down 0.24%) edged lower.

Vedanta added 1.06%. The mining company said the Supreme Court (SC) has granted permission to Vedanta to carry out upkeep of its Sterlite copper unit at Tuticorin in Tamil Nadu. Separately, Vedanta announced that its board will meet on Thursday, 13 April 2023, to consider the proposal for issuance of non-convertible debentures on a private placement basis.

Stocks in Spotlight:

State Bank of India (SBI) gained 1.06%. The Executive Committee of the Central Board is scheduled to have a meeting on 18 April 2023 to consider long term fund raising in single / multiple tranches of up to US$2 billion through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible foreign currency during the Financial Year 2023-24.

Life Insurance Corporation of India (LIC) rose 0.30% after the life insurer announced the appointment of Ratnakar Patnaik as chief investment officer (CIO) and Pratap Chandra Paikray as chief risk officer (CRO) of the corporation with effect from 10 April 2023.

Bank of Baroda rose 2.80% after the state-run lender announced that it will be revising its Marginal Cost of Funds Based Lending Rate (MCLR) from 12th April 2023. Separately, the state-run bank informed that as of 31 March 2023, its total business crossed Rs 21 lakh crore milestone. Total business of the bank grew by 16.8 % YoY to Rs. 21.77 lakh crore.

Radico Khaitan fell 2.66%. According to the latest figures released by the company, Magic Moments Vodka has surpassed the 5 million cases mark in sales in FY2023, an increase from the 3.8 million cases sold in the previous year. This marks a YoY growth of 31.5% for the popular vodka brand. 8PM Premium Black Whisky has also achieved a noteworthy milestone, selling over 3 million cases in the financial year 2023. This is a significant increase from the 2.1 million cases sold in the previous year, representing a growth of 42.8%.

Trident jumped 8% after the firm announced production update for March 2023. In the home textile division, production of bed linen improved to 3.12 million metres (MM) in March 2023, registering a growth of 8.33% from 2.88 MM recorded in the same period last fiscal.

Star Health and Allied Insurance Company jumped 3.95% after the insurer's gross direct premium improved to Rs 12,950.9 crore in March 2023, registering a growth of 13% as against Rs 11,463.5 crore reported in March 2022.

Ugro Capital fell 0.63%. The NBFC announced that its board has approved raising of funds through issuance of equity shares aggregating upto Rs 240 crore to Danish Sustainable Development Goals Investment Fund K/S, on a preferential basis. Meanwhile, The company said that it is simultaneously raising up to Rs 101 crore from long term shareholders like insurance companies, AIF, and other financial institutions through a qualified institutions placement (QIP) of up to Rs 101 crore.

Separately, the board of directors of the company has approved the opening of QIP of equity shares of face value Rs 10 each with the floor price of Rs 149.54 per share. The firm's board has authorised and declared the opening of the issue on Wednesday, 10 April 2023.

Shilpa Medicare zoomed 12.01% after the drug maker said that it has received U.S Food and Drug Administration (US FDA) final approval for its abbreviated new drug application (ANDA), Apremilast Tablets, 10 mg, 20 mg, and 30 mg for the treatment of adult patients with active psoriatic arthritis.

Global Markets:

Shares in Europe and Asia advanced on Tuesday.

Bank of Korea held interest rates at 3.5%, in line with expectations. South Korea's central bank held rates for the second consecutive time.

China's consumer inflation in March hit the slowest pace since September 2021, weighed by sluggish food prices, official data showed on Tuesday. The consumer price index (CPI) for the month rose 0.7% year-on-year, compared with the 1.0% gain seen in February, said the National Bureau of Statistics (NBS).

U.S. stocks closed Monday mixed after Labor Department data released last week showed workers remain in high demand, increasing the likelihood of another interest-rate increase by the Federal Reserve.

Investors are eyeing the latest consumer price index and producer price index data - due out Wednesday and Thursday, respectively - which will be key in determining if or when the Fed will pause or put an end to its rate hiking campaign.

Benchmarks drift higher in early trade; Nifty near 17,700.

The frontline indices were trading with modest gains in early trade. The Nifty traded near the 17,700 level. Barring the Nifty IT index all the other sectoral indices on the NSE were in the green.

The barometer index, the S&P BSE Sensex, was up 213.44 points or 0.36% to 60,059.95. The Nifty 50 index added 76.15 points or 0.43% to 17,700.20.

In the broader market, the S&P BSE Mid-Cap index gained 0.44% while the S&P BSE Small-Cap index rose 0.40%.

The market breadth was strong. On the BSE, 1,871 shares rose and 726 shares fell. A total of 85 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 882.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 351.50 crore in the Indian equity market on 10 April, provisional data showed.

Stocks in Spotlight:

State Bank of India (SBI) rose 1.18%. The Executive Committee of the Central Board is scheduled to have a meeting on 18 April 2023 to consider long term fund raising in single / multiple tranches of up to US$2 billion through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible foreign currency during the Financial Year 2023-24.

Vedanta added 1.13%. The meeting of board of directors of the company is scheduled on 13 April 2023 to consider and approve the proposal for issuance of Non-Convertible Debentures on a private placement basis.

Bank of Baroda jumped 3.43%. As of 31 March 2023, the total business of the bank crossed Rs. 21 trillion milestone. Total business of the bank grew by 16.8 % YoY to Rs. 21.77 trillion.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose to 7.231 from 7.227 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.99, compared with its close of 82.06 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement added 0.43% to Rs 60,320.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.27% to 102.36.

The United States 10-year bond yield fell 0.39% to 3.402.

In the commodities market, Brent crude for June 2023 settlement added 55 cents or 0.65% to $84.73 a barrel.

Buzzing Index:

The Nifty PSU Bank index gained 2.14% to 3,793.90. The index declined 0.63% in the past trading session.

Punjab & Sind Bank (up 5.19%), Bank of Baroda (up 2.98%), Union Bank of India (up 2.93%), UCO Bank (up 2.81%) and Central Bank of India (up 2.45%), Canara Bank (up 2.15%), Bank of India (up 2.12%), Indian Overseas Bank (up 1.99%), Bank of Maharashtra (up 1.91%) and State Bank of India (up 1.36%) advanced.

Global Markets:

Asian stocks are trading higher on Tuesday as the Bank of Korea held interest rates at 3.5%, in line with expectations. South Korea's central bank held rates for the second consecutive time.

China's consumer inflation in March hit the slowest pace since September 2021, weighed by sluggish food prices, official data showed on Tuesday. The consumer price index (CPI) for the month rose 0.7% year-on-year, compared with the 1.0% gain seen in February, said the National Bureau of Statistics (NBS).

U.S. stocks closed Monday mixed after Labor Department data released last week showed workers remain in high demand, increasing the likelihood of another interest-rate increase by the Federal Reserve.

Investors are eyeing the latest consumer price index and producer price index data - due out Wednesday and Thursday, respectively - which will be key in determining if or when the Fed will pause or put an end to its rate hiking campaign.

Indices end almost flat, Nifty closes above 17,600, realty stocks rally.

The domestic equity barometers ended with tiny gains after a volatile session on Monday, extending gains for the sixth trading session. After opening at 17,634.90, the Nifty 50 index traded with minimal gains for most part of the session, it hit a day's high of 17,694.10 in afternoon trade. However, the index erased most of the gains but managed to settle above 17,600 level. Realty, auto and IT stocks were in demand while banking and financial services shares declined. Investors will keenly monitor corporate earnings for the quarter ended 31 March 2023 scheduled to begin this week.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 13.54 points or 0.02% to 59,846.51. The Nifty 50 index added 24.90 points or 0.14% to 17,624.05. In sixth consecutive sessions, the Sensex jumped 3.88% while the Nifty climbed nearly 4%.

In the broader market, the S&P BSE Mid-Cap index gained 0.38% while the S&P BSE Small-Cap index rose 0.16%.

The market breadth was positive. On the BSE, 2,027 shares rose and 1,593 shares fell. A total of 161 shares were unchanged.

Meanwhile, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, surged 4.02% to 12.27.

Skymet expects below normal monsoon for India in 2023:

Private weather forecaster Skymet expects the upcoming June-September monsoon to be 'below normal' to the tune of 94% of the long period average (LPA). In January, Skymet had forecast the monsoon 2023 to be sub-par and now retains the same outlook.

Buzzing Index:

The Nifty Realty index rose 4.29% to 421.35, extending gains for the sixth day in a row. The index surged 13.27% in six trading sessions.

Godrej Properties (up 8.86%), Prestige Estates Projects (up 6.63%), DLF (up 5.88%), Brigade Enterprises (up 3.96%), Sobha (up 3.09%), Macrotech Developers (up 3%), Indiabulls Real Estate (up 2.01%), Oberoi Realty (up 1.21%), Mahindra Lifespace Developers (up 0.88%) and Phoenix Mills (up 0.64%) rallied.

Godrej Properties (GPL) climbed 8.86% after the real estate developer's sales volumes for the quarter grew by 19% QoQ in area terms from 4.42 million square feet (sq. ft) to 5.25 million sq. ft. GPL's sales volumes for the full financial year grew by 40% in area terms from 10.84 million sq. ft. to 15.21 million sq. ft. GPL's cash collections for FY23 grew 41% to Rs 8,991 crore. Q4 FY23 collections stood at Rs 3,822 crore representing QoQ growth of 127% and YoY growth of 52%.

Sobha rallied 3.09% after the company said that its total sales value in Q4 FY23 was Rs 1,463.4 crore, which is higher by 26% as compared with Rs 1,164.2 crore recorded in the corresponding quarter last fiscal. The company's share in the sales value was Rs 1,207.4 crore (up 26% YoY).

Ajmera Realty & Infra India (ARIIL) surged 6.11% after the company announced that its sales value stood at Rs 140 crore in Q4 FY23, registering the growth of 16% as compared with Rs 122 crore in Q4 FY22. Sequentially, sales value rose 10% in Q4 FY23 from Rs 128 crore posted in Q3 FY23.

Stocks in Spotlight:

Tata Motors jumped 5.36%. The Tata Motors Group global wholesales in Q4 FY23, including Jaguar Land Rover (JLR), were at 3,61,361 units, higher by 8%, as compared to Q4 FY22.

Titan Company rose 1.23%. The Tata Group company announced that it witnessed healthy double-digit growth across its key businesses, reporting a revenue growth of 25% year on year (YoY). The rise in the revenue was mainly driven by higher growth contributions from watches & wearables and emerging businesses.

Bajaj Finserv added 0.10%. The company said that Bajaj Allianz Life Insurance Company's total premiums aggregated to Rs 1,676.15 crore for the month of March 2023, up 0.24% YoY. Total premiums in the same period last year were Rs 1,672.18 crore.

Larsen & Toubro (L&T) gained 1.46%. The EPC major said that its hydrocarbon business, L&T Energy Hydrocarbon (LTEH), has secured a significant order under its AdVENT (Advanced Value Engineering and Technology) business vertical. As per L&T classification, the value of the significant project is Rs 1,000 crore to Rs 2,500 crore. The counter hit a 52-week high of Rs 2,319.65 in intraday today.

Oil and Natural Gas Corporation (ONGC) rallied 3.88%. ONGC announced that its board approved the acquisition of 23.04% stake in Mangalore SEZ (MSEZ) from IL&FS for cash consideration of Rs 40.32 crore.

Tata Power Company rose 0.38% after the company said that Asian Development Bank (ADB) has entered into an agreement with its distribution arm Tata Power Delhi Distribution (TPDDL) for subscribing to non-convertible debentures for Rs 150 crore.

Adani Power gained 0.96%. The power utility company announced that the Unit 1 of 800 megawatt (MW) capacity of the 2x800 MW ultra-supercritical power project of Adani Power (Jharkhand) (APJL), situated in Godda district in Jharkhand, has commenced commercial operations.

CreditAccess Grameen added 0.10% after the micro finance lender's disbursements improved to Rs 7,171 crore in Q4 FY23, registering a growth of 24% as against Rs 5,792 crore reported in Q4 FY22. Sequentially, disbursements surged 48% in Q4 FY23 from Rs 4,847 crore posted in Q3 FY23. Assets under management (AUM) jumped 27% to Rs 21,032 crore in the quarter ended 31 March 2023 as compared to Rs 16,599 crore recorded in Q4 FY22 and 18% increase from Rs 17,786 crore in Q3 FY23.

Mahindra & Mahindra Financial Services shed 0.67%. The Reserve Bank of India (RBI) on Thursday (6 April 2023) imposed a monetary penalty of Rs 6.77 crore on Mahindra & Mahindra Financial Services for non-compliance with regulatory norms.

Century Textiles and Industries advanced 2.71% after the company's wholly owned subsidiary, Birla Estate, has entered into the Pune residential real estate market by acquiring 5.76 acres of land in Sangamwadi, Pune. The land was purchased from Sudarshan Chemical Industries (SCIL).

Ethos gained 2.12% after the company said its billing (gross revenue) grew by 30.8% to Rs 242 crore in Q4 FY23 as against Rs 185 crore in Q4 FY22. Ethos said its billing (gross revenue) grew by 36.6% YoY to Rs 918 crore in FY23 as against Rs 672 crore in FY22.

Global Markets:

Asian stocks ended mixed on Monday as some investors returned from a long Easter weekend. Australian and Hong Kong markets remained closed due to a four day Easter holiday till Monday.

The US Stock Market, including the Nasdaq and New York Stock Exchange (NYSE), remained closed on Good Friday.

Investors are in for a busy week of economic data, including the latest consumer price index and producer price index data - due out Wednesday and Thursday, respectively - which will be key in determining if or when the Fed will pause or put an end to its rate hiking campaign.

Employment data for March indicated the labor market remained tight last month. Nonfarm payrolls increased by 236,000 jobs in March, the Labor Department said. Data for February was revised higher to show 326,000 jobs were added instead of 311,000 as previously reported. The unemployment rate dipped to 3.5% from 3.6% in the prior month.