Indian Markets Outlook for the week – 29.Aug.2016 to 2.Sep.2016
(Seen subdued next week; Fed Yellen speech eyed)
Oil Stocks Outlook for the week – 29.08.2016 to 02.09.2016 (PSU refiners seen mixed; IOC, BPCL earnings eyed)
US Federal Reserve Chair Janet Yellen's speech later today and data on India's gross
domestic product for Apr-Jun, due to be released on Wednesday, would be the major
triggers for domestic equities next week. It is likely that equities will trade weak if both
events fail to provide a direction.
The market is awaiting comments from Yellen for a likely course of action at its Sep 21
meeting. If there is an indication of a rate hike by the central bank, foreign institutional
investors may sell on Monday. However, equities may gain if investors see Yellen's
speech as dovish.
Next week, the Nifty 50 is seen finding support at 8500 points, a technically adding that
it faces resistance at around 8690 points. Yesterday, the 51-stock index ended 0.2%
lower at 8572.55 points, while the S&P BSE Sensex closed at 27782.25, down 0.2%.
Market participants will also track the earnings of companies such as Bharat Petroleum
Corp, Indian Oil Corp, and DLF for the quarter ended June. BPCL is expected to reporta net profit of 21.49 bln rupees for Apr-Jun on Thursday.
( www.rupeedesk.in )