www.rupeedesk.in
In what is set to be one of the most nerve-wracking weeks for indices, market participants
will be edgy as they await election outcome at the end of next week. On Friday, results
for the 16th Lok Sabha elections of the world's largest democracy will be announced. As
investors remain on tenterhooks in the run-up to the outcome, the market is expected to
witness extreme volatility.
The election results will be the single most important event that will set the tone for the
market. The results of several opinion polls coupled with an unprecedented voter turnout
suggest a definite change of government at the Centre and a higher probability of the
National Democratic Alliance coming to power.
However, even through the tantalizing wait, market participants will have their hands full
with attention divided between political developments, corporate earnings for quarter
ended March, and economic data.
The week will start with polling for the ninth and final phase, which will cover 41 seats
across three states. The attraction of this round will undoubtedly be the fight for the seat
in Varanasi, where Bharatiya Janata Party's prime ministerial candidate Narendra Modi is
pitted against Aam Aadmi Party chief Arvind Kejriwal. Post the high-octane polling
drama, investor focus will turn to exit and opinion polls, which will start from 1830 IST
on Monday.
On the economic data front, investors will eye inflation for April based on the Consumer
Price Index and Wholesale Price Index. Industrial production data for March will also be
detailed next week.
Nifty constituents Bank of Baroda, Dr Reddy's Laboratories, Punjab National Bank,
Asian Paints, Tata Steel, Tech Mahindra, Bajaj Auto, NTPC, and United Spirits will
detail results next week.
Since the week ahead is an event-packed one, market participants see an extremely broad
range for the National Stock Exchange's Nifty. The index is seen moving between 6650-
7200 points. Currently the Nifty has held the immediate support of 6650 levels which is
its previous swing low and has now witnessed a sharp rise...suggesting resumption of the
uptrend. We are expects the index to continue making new highs.
Yesterday, the Sensex rose over the magic figure of 23000 points, and made its biggest
intraday gain in nine months. Both CNX Nifty and S&P BSE Sensex ended almost 3%
higher yesterday, marginally below their lifetime highs notched during the day. Nifty
ended at 6858.80 points. Intraday, it moved between its lifetime high of 6871.35 and a
low of 6652.15. Sensex ended at 22994.23 points. Its lifetime high of 23048.49 points
was 731.31 points higher than 22317.18 points, its lowest level during the day.
In what is set to be one of the most nerve-wracking weeks for indices, market participants
will be edgy as they await election outcome at the end of next week. On Friday, results
for the 16th Lok Sabha elections of the world's largest democracy will be announced. As
investors remain on tenterhooks in the run-up to the outcome, the market is expected to
witness extreme volatility.
The election results will be the single most important event that will set the tone for the
market. The results of several opinion polls coupled with an unprecedented voter turnout
suggest a definite change of government at the Centre and a higher probability of the
National Democratic Alliance coming to power.
However, even through the tantalizing wait, market participants will have their hands full
with attention divided between political developments, corporate earnings for quarter
ended March, and economic data.
The week will start with polling for the ninth and final phase, which will cover 41 seats
across three states. The attraction of this round will undoubtedly be the fight for the seat
in Varanasi, where Bharatiya Janata Party's prime ministerial candidate Narendra Modi is
pitted against Aam Aadmi Party chief Arvind Kejriwal. Post the high-octane polling
drama, investor focus will turn to exit and opinion polls, which will start from 1830 IST
on Monday.
On the economic data front, investors will eye inflation for April based on the Consumer
Price Index and Wholesale Price Index. Industrial production data for March will also be
detailed next week.
Nifty constituents Bank of Baroda, Dr Reddy's Laboratories, Punjab National Bank,
Asian Paints, Tata Steel, Tech Mahindra, Bajaj Auto, NTPC, and United Spirits will
detail results next week.
Since the week ahead is an event-packed one, market participants see an extremely broad
range for the National Stock Exchange's Nifty. The index is seen moving between 6650-
7200 points. Currently the Nifty has held the immediate support of 6650 levels which is
its previous swing low and has now witnessed a sharp rise...suggesting resumption of the
uptrend. We are expects the index to continue making new highs.
Yesterday, the Sensex rose over the magic figure of 23000 points, and made its biggest
intraday gain in nine months. Both CNX Nifty and S&P BSE Sensex ended almost 3%
higher yesterday, marginally below their lifetime highs notched during the day. Nifty
ended at 6858.80 points. Intraday, it moved between its lifetime high of 6871.35 and a
low of 6652.15. Sensex ended at 22994.23 points. Its lifetime high of 23048.49 points
was 731.31 points higher than 22317.18 points, its lowest level during the day.
