Indian Markets Outlook for the week – 10.Aug.2015 to
Next
week, domestic equities will take cues from global markets, Apr-Jun earnings,
developments in Parliament, and economic data. Index of industrial production
for June, and inflation based on consumer price index and wholesale price index
for July will be released next week. As CPI is seen well under the Reserve Bank
of India's target of 6% and as manufacturing data is likely to remain lacklustre.
The central bank to cut benchmark lending rates by 25 basis points in its next
monetary policy review on Sep 29.
The
National Stock Exchange's Nifty is seen consolidating between 8450 points and
8700 points.
Market
is seen to be in a tight range. Nifty has to trade above 8600 points and
sustain to move
further
towards 8700 level. On the downside, we are seeing support at 8545 level. If
this is breached then we could see profit booking that will take Nifty to 8450
level. Yesterday, the 50-share benchmark index ended at 8564.60 points, down
24.05 points or 0.3%, and the S&P BSE Sensex closed at 29236.39 points,
down 61.74 points or 0.2% from Thursday's close.
Lack
of significant progress on economic reform bills in Parliament is seen weighing
on sentiment. adding that the key bills on real estate, land acquisition, and
goods and services tax have been passed in the monsoon session of Parliament
that ends on Thursday.
Meanwhile,
the sentiment on information technology and pharmaceutical Stocks is likely to
be
positive
on hopes that the rupee may trade between 64 rupees and 65 rupees. Further, the
sharp fall in crude oil prices is also seen favouring trade toward shares of
oil marketing companies.
Nifty
constituents, Power Grid Corp of India, Bosch, NMDC, Sun Pharmaceutical
Industries, Tata Steel, Coal India, Oil and Natural Gas Corp, Tata Power,
Cipla, and Steel Authority of India will report Apr-Jun earnings next week.
( www.rupeedesk.in )
( www.rupeedesk.in )
