Indian Market Outlook For The Week – 30.07.20818 To 03.08.2018

Indian Market Outlook For The Week – 30.07.20818 To 03.08.2018

             Equity Cash/Futures/Options Segment 

Benchmark indices are likely to sustain their positive momentum next week, but the extent of gains may hinge on Apr-Jun earnings of Nifty 50 companies. Better-than-expected earnings by Reliance Industries and ICICI Bank later yesterday may further take the benchmark indices Nifty 50 to
Sensex to their fresh record highs next week. RIL is expected to report its slowest profit growth in
over a year in Apr-Jun due to the rise in crude oil prices. ICICI Bank, which will detail its earnings
later yesterday, is expected to report an over 38% year-on-year fall in its June quarter net profit
because of higher provisioning for stressed loans. Movement in the indices will most likely be stockspecific next week as 10 Nifty 50 companies Axis Bank, UPL, Titan Co, Tech Mahindra, Indiabulls Housing Finance, Vedanta, Power Grid Corp, Oil and Natural Gas Corp, NTPC and Housing Development Finance Corp will detail their Apr-Jun earnings. We will also await the outcome of the Reserve Bank of India's Monetary Policy Committee meet on Wednesday. The central bank is likely to raise the repo rate by 25 basis points for the second time in 2018-19 (Apr-Mar). Investors will also await US GDP data, which is scheduled to be detailed later yesterday, and outcome of various central bank meetings. Next week, Nifty 50 is seen in the range of 11150-11440 points. The Nifty 50 ended at 11278.35 points, up 111.05 points or 1% from the previous close, while the Sensex gained by 352.21 points or 0.9% to end at 37336.85. Both indices hit their respective lifetime highs of 11283.40 and 37368.62 during the session. Nifty Midcap 100 and Nifty Small cap 100 index are also seen higher next week as investor sentiment is seen turning positive because of a recent bout of buying in these stocks.

Source : Cogencis Information Services Ltd.

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