We investigate the influence of the Coulomb interaction on the giant linear and photoinduced Faraday rotation in the bulk Cd1-xMnxTe system. Experimental results are presented and discussed by calculating the complex dlelectric function. The anisotropy and k-dependence of the magnetic spin-exchange interaction and the Coulomb interaction between optically excited bound and unbound electron-hole pairs are considered using a microscopic theory. At high excitation densities, the excitonic nonlinearities of the s transitions are investigated.