INSUBCONTINENT EXCLUSIVE:
New Delhi: Stocks lost nerve and ended last week on a negative note, in line with weak global cues, as the US Fed signalled its intent to go
for a rate hike as early as next month
due to rising interest rates kept sentiment fragile.
What is in store for Dalal Street in the upcoming week Here we go.
1
Oil in bear marketThat's a key factor to watch out for
Benchmark Brent crude on Friday fell below $70, down more than 18 per cent from four-year highs at the start of October
It fell 95 cents to a low of $69.70, down 4 percent for the week
A continued depreciation in oil would be a positive sign for the rupee and the domestic market.
2
Eyes on IIP dataIIP for September that tracks growth of different sectors of the economy will be out on Monday
According to SMC Global Securities, the rupee might get further support from CPI numbers, which are set to come in next week
However, the rupee gain may be limited owing to the resurfacing of the rumours about continuance of the RBI governor.
3
Inflation in focus tooRetail inflation for October is lined up for Monday as well
The market will also be looking forward to the release of wholesale price index (WPI) inflation data for October on Wednesday
WPI inflation surged to 5.13 per cent in September overshadowing the 4.53 per cent low in August
September trade deficit, which stood at USD 13.9 billion, came as a pleasant surprise, way better than the previous two months.
4
Forex fluctuationsThe appreciating rupee has been a positive sign for the domestic market
The rupee gained 50 paise to 72.5 against the greenback on Friday, riding on the back of falling crude oil prices and increased selling of
Investors are tracking the forex development with keen interest
Q2 earnings to trackThe earnings season so far has been fairly mixed
While some companies like SBI, Voltas, PNB housing Fin saw decent Q2 profit, others such as MRF, Indian Bank, Century plyboards reported
Britannia, Hathway, Tata Steel, Hindustan Motors, Jet Airways, Jindal Steel, Siemens, MMTC, Quickheal, Union Bank, Apollo Tyres, Bombay
Dyeing, Glenmark, Hindustan Copper, Sun Pharma, Infibeam, JK Lakshmi, MM, MTNL and PC Jeweller are among others that will announce their
Modi-Pence meet stirs interestMarket participants will also be tracking the meeting of Prime Minister Narendra Modi and US Vice-President
The two leaders would discuss India-US defence cooperation and bilateral relationship during their meeting in Singapore next week
But whether or not they enter into any trade specific agreement remains a speculation
What do technical charts sayThe 50-pack Nifty index formed a hammer candle on daily chart on friday, suggesting buy at lower level
Multiple supports are seen around 10,450 and 10,380 levels," said Chandan Taparia, Derivatives Technical Analyst, Motilal Oswal Securities
Since major action was seen outside the index and with the midcap index outperforming our benchmarks, we advise traders to continue with a
