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"We have been using domestic coal from India as an offset against high-priced imported coal," Misra said. "Even though we are designed for 30% consumption of domestic coal, we were earlier getting about 4-5%. This has started increasing, and we now see it at 17-20% annually."

Gold prices remain stable, with spot gold at $1,983.68 per ounce as of 0107 GMT, following a 1% loss on Friday. The dollar index was down, making gold more affordable for investors holding other currencies, though the appeal of the precious metal was limited after data revealed that US business activity rose higher than expected in April, supporting anticipation of a 25-basis-point interest rate increase by the Federal Reserve in May. The CME FedWatch tool showed that markets predict an 89.1% chance of the hike.

While recent economic data have pointed to slowing U.S. growth, parts of the economy continue to show resilience while inflation remains sticky, leaving traders debating the scale of rate cuts expected as early as July through to the end of the year.

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Indian markets experienced a volatile week as bears maintained control throughout. Weak quarterly earnings from TCS and Infosys, along with a bleak outlook for FY24, had a significant impact on the market, particularly on the Nifty IT sector. Furthermore, disappointing inflation numbers from the UK and Eurozone added to the bearish sentiment. Nifty50 is currently in a consolidation phase and faces resistance. If the index breaks the crucial resistance level of 17700, it could suggest a potential uptrend.

HDFC Bank, SBI, Maruti Suzuki, Britannia, Divi’s Lab, PI Industries, Navin Fluorine, Tata Motors, and CSB Bank may show bullishness this week, according to analysts.

Investors may want to add silver to their portfolios as the gold-silver ratio indicates a shift in preference to the cheaper metal, driven by recent rises in gold prices and increased industrial demand. Both gold and silver have risen about 11% so far in 2023, but analysts believe that the rally in silver prices could last longer given its wide industrial usage.

Shares of IndusInd Bank, Bank of Maharashtra, and Persistent Systems will be in focus as the companies will announce their quarterly results today.

In a regulatory filing, Wipro said its board of directors will be considering a proposal to buyback equity shares of the company, besides other issues, at a meeting scheduled to be held over April 26-27, 2023.

An investigation by SFIO had revealed that the company and its group companies had presented financial statements containing false statements of debtors and indulged in the malpractice of round-tripping and layering of transactions resulting in inflated purchases and sales.