Jan 11, 2014, 01.45 PM IST
Inflation data may likely decide monetary policy stance in the near term. A raft of key third-quarter earnings is also expected next week.
Tags India, stock, market, inflation, monetary policy, Reserve Bank of India, earnings, Infosys, Axis Bank, Bajaj Auto, HCL Tech, TCS, HDFC Bank, ITC, Reliance, Wipro, IndusInd Bank, HCL Technologies, Tata Consultancy Services, Reliance Industries
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Week ahead: Inflation, Q3 earnings in focus for market
Inflation data may likely decide monetary policy stance in the near term. A raft of key third-quarter earnings is also expected next week.
Like this story, share it with millions of investors on M3
Week ahead: Inflation, Q3 earnings in focus for market
Inflation data may likely decide monetary policy stance in the near term. A raft of key third-quarter earnings is also expected next week.
Mynte Advisors
Investors will be keenly scrutinising the consumer price index (CPI) and wholesale price index (WPI) numbers for December 2013 to be declared on January 13 and January 15, respectively.
Bloomberg consensus estimate for CPI is 10.09 percent compared to 11.24 percent November reading. Similarly estimate for WPI is 7.00 percent compared to 7.52 percent November reading.
Also read: Five things that keep Goldman Sachs up at night
A lot depends on these numbers as regards to the future stance of Reserve Bank of India. The central bank governor, in the last meeting, had taken a dovish stance as far as interest rate is concerned based on the premise that inflation is expected to cool from the peaks of November readings.
Even as Raguram Rajan had left the field open for RBI intervention midway if the situation calls, the next date to be noted is when the RBI meets on January 28.
Focus will also be on third-quarter earnings that started on January 10, with key results from Infosys and IndusInd Bank . The key results to be declared this week are: Axis Bank , Bajaj Auto , HCL Tech and TCS on January 16, and HDFC Bank , ITC , Reliance Industries and Wipro on January 17.
Apart from the results due to which stock-specific action may take place, the markets are expected to be range-bound with a downward bias as politics takes the centre stage in the run-up to the parliamentary elections due in May this year.
Investors are deeply concerned that the election may throw up a highly fragmented parliament leading to unstable ruling combination, which may result in more populism rather than following of a progressive reforms-oriented path by lawmakers.
Globally, it was a somewhat quieter last week following the routine jobs and central bank releases. In US too, the earnings will be on focus with consensus building up that the market is ripe for profit taking, and the earnings season is its first big test of the year. With no major data release from China, Eurozone is largely going to be focused upon the German constitutional hearing that has been shifted back from last week.
The article is contributed by Aviral Gupta, Investment Strategist, Mynte Advisors.
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Nifty down move continues. A narrow range day today makes markets ready for a big thrusting move soon
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Trend is down in Bank Nifty and prices closes below 11000. CNX IT is trading choppy inside 9500-9700. We have COPPER in METALS. Prices are facing correction. We will discuss the likely support level for this instrument. Then we have CEMENT Sector. The sector has seen a breakdown and cement stocks suggesting a short trade. Stocks in focus include Exide Industries and M&M. For each of these stocks, we analyze their technical picture; identify trades with stop loss and targets. At the end we have EURINR currency pair with a possible support level. Read full report »
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