Indian Market Outlook for the week – 06 to 10.02.2017
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The release of Oct-Dec earnings of 17 Nifty 50 companies and the Reserve Bank of India's monetary policy will be key events setting the tone for domestic equities next week. Benchmark indices registered gains for the second straight week and rose 1.1% on a weekly basis, buoyed by the Union Budget for 2017-18 (Apr-Mar) that did not throw any major negative surprises. The positive sentiment is expected to spill over to the upcoming week. Bulls are pretty strong. So, we see another 100-point gain for Nifty 50. Yesterday, Nifty 50 closed 0.1% higher at 8740.95 points, while Sensex ended flat from Thursday's close at 28240.52. Gains in indices are expected to be led by banks, as dealers see scope for further upside, particularly for state-owned banks. Bank Nifty has given a positive breakout and stocks like SBI, PNB have not yet participated in the recent rally, which leaves scope for more gains. Yesterday, Nifty Bank rose for the third straight session and closed 0.6% higher at 20196.80 points. Intraday, the index hit a onemonth high of 20229.65 points. Most market participants expect RBI to announce a cut in repo rate at the end of its two-day meeting on Wednesday. A rate cut could give further fillip to bank stocks as well as indices. Market participants see momentum catching pace in the mid-cap space rather than in blue-chip stocks. Mid-caps are doing good and they are expected to take Nifty further up. One of the stocks in the mid-cap space that is expected to outperform is Sun TV Network. Yesterday, the stock scaled a lifetime high of 699.90 rupees as its promoters were given a clean chit by a trial court in the Aircel-Maxis case. Nifty 50 majors reporting their Oct-Dec earnings next week include Cipla, State Bank of India, Hero MotoCorp, Lupin, Tata Steel, Mahindra & Mahindra, GAIL India, NTPC, Power Grid Corp of India, Coal India, Bharat Heavy Electricals, Tata Power Co, Bosch, Bharat Petroleum Corp, Aurobindo Pharma, Bank of Baroda, and Idea Cellular.
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Indian Market Outlook for the week – 06 to 10.02.2017
The release of Oct-Dec earnings of 17 Nifty 50 companies and the Reserve Bank of India's monetary policy will be key events setting the tone for domestic equities next week. Benchmark indices registered gains for the second straight week and rose 1.1% on a weekly basis, buoyed by the Union Budget for 2017-18 (Apr-Mar) that did not throw any major negative surprises. The positive sentiment is expected to spill over to the upcoming week. Bulls are pretty strong. So, we see another 100-point gain for Nifty 50. Yesterday, Nifty 50 closed 0.1% higher at 8740.95 points, while Sensex ended flat from Thursday's close at 28240.52. Gains in indices are expected to be led by banks, as dealers see scope for further upside, particularly for state-owned banks. Bank Nifty has given a positive breakout and stocks like SBI, PNB have not yet participated in the recent rally, which leaves scope for more gains. Yesterday, Nifty Bank rose for the third straight session and closed 0.6% higher at 20196.80 points. Intraday, the index hit a onemonth high of 20229.65 points. Most market participants expect RBI to announce a cut in repo rate at the end of its two-day meeting on Wednesday. A rate cut could give further fillip to bank stocks as well as indices. Market participants see momentum catching pace in the mid-cap space rather than in blue-chip stocks. Mid-caps are doing good and they are expected to take Nifty further up. One of the stocks in the mid-cap space that is expected to outperform is Sun TV Network. Yesterday, the stock scaled a lifetime high of 699.90 rupees as its promoters were given a clean chit by a trial court in the Aircel-Maxis case. Nifty 50 majors reporting their Oct-Dec earnings next week include Cipla, State Bank of India, Hero MotoCorp, Lupin, Tata Steel, Mahindra & Mahindra, GAIL India, NTPC, Power Grid Corp of India, Coal India, Bharat Heavy Electricals, Tata Power Co, Bosch, Bharat Petroleum Corp, Aurobindo Pharma, Bank of Baroda, and Idea Cellular.
