Quarterly results to influence equity market’s movement (Market Outlook)

By Rohit Vaid,

Mumbai : The ongoing earnings result season, along with macro-economic inflation and trade data points, are expected to influence the Indian equity market next week.

Market observers opined that global crude oil prices and the rupee’s movement against the US dollar will act as other major triggers.

“Markets next week will continue to focus on earnings of corporates such as Zee, Bharti, Adani, Wipro, MindTree, etc. Earning results, so far, have been in line with expectations,” Devendra Nevgi, Founder and Principal Partner, Delta Global Partners, told IANS.

Companies like Hindustan Unilever, Adani Ports & SEZ, Bharti Airtel, ITC, Hindustan Zinc, UltraTech Cement, HDFC Bank, Reliance Industries and Wipro are expected to announce their quarterly results in the coming week.

Besides Q3 results, investors will look out for upcoming macro-economic inflation data points such as the WPI (Wholesale Price Index) and Balance of Trade figures.

Market participants will also give their first reaction to the IIP (Index of Industrial Production) and CPI (Consumer Price Index) figures which were released after the market hours on Friday (Jan 12).

“Over the next week, market will react to the sharp jump in IIP for November to 8.4 per cent and CPI for December to 5.2 per cent. Restocking in the consumer non-durables space and healthy activity in the capital goods sector are responsible for the sharp increase in IIP,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.

In terms of investments, provisional figures from the stock exchanges showed that domestic institutional investors (DIIs) purchased stocks worth Rs 2,383.11 crore during the week, while foreign institutional investors (FIIs) sold company scrips worth Rs 965.16 crore.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors bought equities worth Rs 554.03 crore, or $88.34 million, during January 8-12.

On the currency front, the rupee weakened by 26 paise to close at 63.63 against the US dollar from its last week’s close at 63.37.

“As far as levels are concerned, we look forward to 63.25-30 as the near-term support for USD-INR and 63.90-64 as a major resistance,” Banerjee said.

As per technical readings, Nifty is expected to surge higher and breach new record highs during the upcoming week.

“Technically, with the Nifty surging higher to new record highs, the underlying intermediate uptrend remains intact,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Further upsides are likely once the immediate resistances of 10,690 points are taken out. Weakness could emerge if the supports of 10,490 points are broken.”

Last week, “consistent investments” from domestic institutions propelled the the key equity indices — the Sensex and the Nifty50 — to close at record high levels.

Consequently, the barometer 30-scrip S&P Sensex of the Bombau Stock Exchange surged by 438.54 points or 1.28 per cent to 34,592.39 points.

Similarly, the wider Nifty50 of the National Stock Exchange made healthy gains. It rose 122.4 points or 1.16 per cent to 10,681.25 points.

(Rohit Vaid can be contacted at rohit.v@ians.in)


Also read-


Please enter your comment!
Please enter your name here

Related Stories

Indian economy touching $5 trillion a far fetched dream : Chidambaram

By Syed Khaled Shahbaaz The Economy of India, the world’s largest democracy with over 1.2 billion population, is currently the fifth largest in the world.The...

‘Home Minister’ promises to make India 5-trillion-dollar economy

New Delhi, Aug 23 Union Home Minister Amit Shah on Friday emphasised that the government is committed to make India a five-trillion-dollar economy. Shah''s tweet...

India will provide power to citizens at affordable cost: President

New Delhi : India is committed to provide power to all citizens at affordable cost as well as boost the national economy through an industrial revolution, President Ram...

Business worth Rs 25,000 cr hit as traders protest against Pulwama attack: CAIT

New Delhi : The Confederation of All India Traders (CAIT) on Monday said that business worth about Rs 25,000 crore was hit due to the "Bharat...

We are Gau Mata country: Himanta on DMK MP’s comment

Guwahati : Assam Chief Minister Himanta Biswa Sarma on Wednesday said India is a “Gau Mata” country and asserted that there is no dispute...

‘Here to make it easier for Muslims in India to go to Makkah, Madinah”: Saudi Minister of Hajj

New Delhi : Saudi Minister of Haj and Umrah Tawfiq bin Fawzan Al-Rabiah on Wednesday said “We are here to make it easier for...

31 years after Babri Mosque demolition: Perpetrators rule India

By Shamsul Islam Criminal Hindutva perpetrators instead of being punished rule India The RSS-BJP government of India led by a seasoned RSS whole-timer, Narendra Modi has...

Indian Army Major dismissed for ‘ties with Pakistani intelligence operative’

An Indian Army Major, who was recently dismissed from service by the President in October, is alleged to have been in contact with a...

Postpone probe into madrasas: UP madrasa board to Yogi govt

Lucknow : Following the Uttar Pradesh government’s decision to initiate a probe into the availability of basic facilities and competent teachers at state-funded madrasas,...

Turkey, Qatar sign 12 agreements, issue joint declaration after high strategic committee meeting

DOHA, Qatar : Turkey and Qatar on Monday signed 12 cooperation agreements in various fields and the joint declaration of the 9th meeting of...

Anti-terror case: NIA searches in 5 J&K districts

Srinagar: The National Investigation Agency (NIA) on Tuesday carried out searches at several places in five districts of Kashmir valley as part of a...

Almost 1.9M Palestinian displaced across Gaza Strip since Oct. 7: UN

ISTANBUL : Almost 1.9 million people, or over 80% of the population, have been displaced across the Gaza Strip since Oct. 7, the UN...

Modi will become PM for third time: Badruddin Ajmal

Guwahati : All India United Democratic Front (AIUDF) chief, Badruddin Ajmal said that the BJP’s victory in the three state Assembly elections have proved...

Saudi Arabia gears up to deliver world-class services to Hajj and Umrah performers

By Tareq Wahab In recognition of its historical obligation and with a deep sense of honor, the Custodian of the Two Holy Mosques government has...

Afghan tragedy unfolds in Pakistan

By Asad Mirza For the last two months the international attention has been focussed on the continuing Gaza crisis, yet in its background another human...

2022 sees 24% rise in crime against women, minors, SC/ST: NCRB report

The National Crime Records Bureau (NCRB) recently released its comprehensive data for 2022, shedding light on the surge in crime against women, children, Schedule...

Hindu young women will lose rights if they marry Muslims: Karnataka BJP leader

Dakshina Kannada : BJP leader Malavika Avinash asserted that Hindu young women who marry a Muslim would lose their rights. She also raised questions about...

Is the party now over for Mayawati and BSP in UP?

Lucknow : The Bahujan Samaj Party has miserably failed to arrest its downslide in politics. The BSP failed to open its account in Chhattisgarh, Madhya...

FIR against Kafeel Khan for ‘objectionable’ content in his book

Lucknow : A case has been registered against Kafeel Khan, a former doctor at the BRD Medical College in Gorakhpur, and five unidentified people...