Indian Market Outlook For The Week – 18.06.2018 To 22.06.2018

Indian Market Outlook For The Week – 18.06.2018 To 22.06.2018

             Equity Cash/Futures/Options Segment 

The Domestic benchmark indices are likely to show a positive trend next week, led by gains in information technology companies after Tata Consultancy Services fixed its share buyback price at a hefty 14% premium to the market price. Last week the Nifty 50 rose 0.5%, driven by global events including the US and European central bank announcements and the historic meet between the US and North Korea. The board of Tata Consultancy Services today approved a proposal to buyback 76 mln shares or 1.99% of equity capital, at 2,100 rupees apiece or up to a total of 160 bln rupees. This is a very good price and will be an overall sentiment booster to IT stocks because TCS is the leader in the sector. With the pharmaceutical sector contributing to gains over the last eight trading days, the information technology sector is seen giving the required support to broader market next week. Though defensives and consumptions play will remain the investment theme, even industrials could start contributing, as overall technical trend remains strong. Global crude oil prices were down today amid growing expectation that the Organization of the Petroleum Exporting Countries and its allies will move to raise production at its meeting next week on Jun 22 at Vienna. However, a strategist at a domestic brokerage said they would rather wait for the fine print from OPEC meet and their decision on increasing crude output next Friday. A sustained fall in global crude oil prices is a positive for the Indian economy dependent largely on oil imports, and the progress of good monsoon points towards income that is more rural and higher consumption.

Source : Cogencis Information Services Ltd.

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