India Inc earnings, US data, Fed taper talk to drive market this week

Asia's Tech News Daily

market analysis, Sensex, Nifty50, Q2 earnings, midcap and smallcap stocks, rupee volatility, FIIs, stock market

NEW DELHI: After scaling new lifetime highs the benchmark BSE Sensex and Nifty50 indices shed 1,500 and 500 points in the week gone by as second quarter results failed to uplift investor sentiment.

Broader markets also suffered, with BSE smallcap and midcap indices shedding about a per cent each on Friday.

Profit booking in blue-chip stocks after a recent rally also weighed down benchmark indices with the BSE Sensex slipping 0.79 per cent to 60.821.62 during the week.

The BSE midcap index lost 4.24 per cent to settle at 25,566.64 while the smallcap index shed 5.21 per cent to close at 28,336.31 per cent.

Over the week, metals, Information Technology, media and Fast-Moving Consumer Goods saw selling pressure which overshadowed buying interest in stocks of realty and private banks.

Volatility in rupee, ahead of a likely Fed taper of bond purchases in November also weighed on benchmark indices, with investors jittery about future flows from Foreign Institutional Investors.

Foreign Institutional Investors were net sellers in the equity segment this week, with gross sales of Rs 62,924.79 crore, resulting in a net outflow of Rs 2552.72 crore

In the coming week, markets will look for cues from fresh earnings, and the expiry of F&O series expiry on October 28.

US data, including GDP, home sales, durable goods production and domestic core sector data will also provide cues.

Results to look out for: CSB Bank, MCX, Tech Mahindra, Axis Bank, Bajaj Finance., Cadila, Dr Reddy’s, GAIL.

Banking and tech stocks will be particularly watched for signs of a sustained recovery on the economy.

Macro view: The latest minutes of the Monetary Policy Statement suggest that the RBI is on track to start normalising policy, with Nomura forecasting a 40 basis-point hike in the reverse repo rate in the December policy.

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