(Earnings, Parliament
session key; RIL in focus)
( www.rupeedesk.in )
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Bank Stocks Outlook for the week – 18 to 22.07.2016 (Seen firm next week; pvt banks' results eyed)
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Apr-Jun earnings of key companies and the Monsoon Session of
Parliament which starts Monday
would be key triggers for share indices next week, even as
investors monitor the trend in global
markets. Underlying bias of equities remains positive,
despite yesterday’s decline. However, sharp
gains in equities over the last month which took indices to their
11-month highs on Thursday are seen
capping the rise in share indices.
The Nifty 50 is seen testing the psychologically-important
level of 8600 points next week, above
which it could rise towards the resistance of 8700 points, a
technical based. Yesterday, the Nifty 50
closed at 8541.40 points, down 0.3%, while the S&P BSE
Sensex ended down 0.4% at 27836.50.
Next week, Hindustan Unilever, UltraTech Cement, Wipro, HDFC
Bank, ITC, Kotak Mahindra Bank,
and Axis Bank will be reporting their earnings for the June
quarter. On Monday, the initial trigger for
the market would be Reliance Industries' robust quarterly
earnings, following which investors would
shift focus to the Monsoon Session of Parliament.
Reliance Industries has yesterday reported a net profit of
75.5 bln rupees, sharply higher than estimate of 65.4 bln rupees. The company's gross refining margins in
Apr-Jun came in at $11.5 per barrel. Investors would hope for the passage of the Constitutional
Amendment Bill to introduce the Goods and Services Tax in the Monsoon Session of Parliament.
According to reports, Finance Minister Arun Jaitley and Parliamentary Affairs Minister Ananth Kumar
today met Leader of Opposition in Rajya Sabha, Ghulam Nabi Azad, to resolve issues surrounding the
passage of the Bill to roll out the Goods and Services Tax with an aim to build consensus on the
issue.
On Monday, shares of Monsanto India would also be in focus
after thecompany, after market hours
today, said its parent company received a revised takeover
bid from Germany's Bayer AG.
( www.rupeedesk.in )
