Indian Market Outlook For The Week - 05 To 09.11.2018
Benchmark equity indices are expected to be volatile next week due to concerns that US sanction on Iranain oil exports may impact prices of crude oil. Next week, equity markets will be closed on Wednesday and Thursday for Diwali. US-China trade conflict, and results of the midterm US Congress elections will also impact global markets. We are bullish on the Indian markets as the currency, recent global crude oil prices, and the ongoing quarterly corporate results are largely pointing to a positive trend in stocks. Shares of export-oriented information technology and pharmaceuticals, however, may continue falling as the rupee has made some recovery against the dollar. State-owned oil refiners are likely to hold on to their recent gains after comments from Indian Oil Corp that they are talking to Iranian suppliers to explore payments in rupee. Shares of Axis Bank are likely to extend gains next week as after market hours the bank reported its Jul-Sep net profit at 7.9 bln rupees, beating average estimate of 6.8 bln rupees. Shares of Oil & Natural Gas Corp, Cipla, GAIL India, Power Grid Corp, State Bank of India and Titan Co are likely to be in focus next week as they announce their Jul-Sep results.
Source : Cogencis Information Services Ltd.
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Benchmark equity indices are expected to be volatile next week due to concerns that US sanction on Iranain oil exports may impact prices of crude oil. Next week, equity markets will be closed on Wednesday and Thursday for Diwali. US-China trade conflict, and results of the midterm US Congress elections will also impact global markets. We are bullish on the Indian markets as the currency, recent global crude oil prices, and the ongoing quarterly corporate results are largely pointing to a positive trend in stocks. Shares of export-oriented information technology and pharmaceuticals, however, may continue falling as the rupee has made some recovery against the dollar. State-owned oil refiners are likely to hold on to their recent gains after comments from Indian Oil Corp that they are talking to Iranian suppliers to explore payments in rupee. Shares of Axis Bank are likely to extend gains next week as after market hours the bank reported its Jul-Sep net profit at 7.9 bln rupees, beating average estimate of 6.8 bln rupees. Shares of Oil & Natural Gas Corp, Cipla, GAIL India, Power Grid Corp, State Bank of India and Titan Co are likely to be in focus next week as they announce their Jul-Sep results.
Source : Cogencis Information Services Ltd.
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