The Week Ahead: Corporate earnings, MPC minutes, Fed speeches likely to be in focus

Asia's Tech News Daily

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Indian equity benchmarks surged to fresh peaks backed by automobile, metal and PSU banking counters in a holiday-shortened trading week ended October 14. It was the best week for both headline indices in more than a month, as they clocked second straight weekly gains. Broader markets also supported the overall surge in the market.

For the week, the 50-scrip benchmark gained 363.15 points or 2.1 percent to settle at a record 17,895.2, and the Sensex index added 1,293.5 points (2.2 percent) to 60,059.

For the week, the 30-scrip index rose 1,246.9 points or 2.1 percent to 61,306 and the Nifty50 added 443.4 points or 2.5 percent to 18,338.6 — both record closing highs.

ALSO READ: Best week for Sensex, Nifty50 in over a month led by PSU banking, auto stocks 

Dalal Street week ahead

All eyes will be on quarterly financial results from India Inc as the corporate earnings season gains momentum. Reliance Industries, Asian Paints, UltraTech, HUL, JSW Steel, Tata Consumer and HDFC Life are among the companies due to post their quarterly results this week.

Minutes of the RBI’s latest bi-monthly review will be in focus as investors look for clues on the timing of policy normalisation going forward.

“Dalal Street will be all ears to any management insights to forecast the future earnings trajectory. With the anticipation that companies would keep up their momentum from the previous quarter into the second quarter, investors may see whipsaw movements in the stock this week as results beat or miss market expectations,” brokerage Samco Securities said in a note.

The week will begin with the Street reacting to HDFC Bank and Avenue Supermarts (DMart) results, which were released during the weekend.

Banking will be in focus in the coming days as the sector is set to kickstart its earnings season, said Vinod Nair, Head of Research at Geojit Financial Services.

“With the expectation of a strong recovery in corporate earnings, the Indian market is positioned to continue its bull run,” he said.

Technical outlook

The Nifty50 index has formed a big bullish candle, and the bullish sentiment is at its peak which is usually considered unfavourable for taking fresh long positions, according to Samco.

“The benchmark index is approaching the rising resistance line, which indicates a limited upside potential in the short term. We suggest traders to not create fresh longs positions and wait for mild dips to time their entry better. Immediate support on the downside is now placed at 17,850,” it said.

Here are the key factors and events that are likely to influence Dalal Street in the week starting October 18:

DOMESTIC CUES

Q2 Earnings

Around 200 companies are slated to post their Q2 numbers this week. Among them are Reliance Industries, UltraTech, Asian Paints, Hindustan Unilever, Nestle, Tata Consumer, ICICI Bank, Federal Bank, Yes Bank, TVS Motor, Container Corp and Biocon.

Here are some of the companies that will report their financial results this week:

Monday: Larsen & Toubro Infotech, Tata Coffee and UltraTech

Tuesday: HUL, L&T Technology Services, ICICI Securities, Nestle, Rallis and Nelco

Wednesday: Havells, JustDial, Jubilant FoodWorks, L&T Finance Holdings and Syngene

Thursday: Asian Paints, JSW Steel, Biocon, TVS Motor, Trident, Container Corp, ICICI Lombard General Insurance, IDBI Bank, IEX, Mphasis, Lemon Tree, South Indian Bank and Can Fin Home

Friday: Reliance Industries, Tata Consumer, Tata Elxsi, Federal Bank, Yes Bank, HDFC Life, Hindustan Zinc, PVR, Inox Leisure and Gland Pharma

Saturday: ICICI Bank

MPC minutes On Friday, minutes of the RBI’s October 6-8 monetary policy review will be released. FII flow Fund flow will be in focus once again. Foreign portfolio investors (FPI) have net purchased Indian equities worth Rs 225.9 crore ($32.6 million) so far this month. In September, net buys by FPIs were at Rs 27,756 crore ($3.8 billion). Corporate action

Security Name Ex Date Purpose Record Date
OMAXE LTD. 18-Oct-21 E.G.M. 20-Oct-21
Authum Investment & Infrastructure Ltd 20-Oct-21 Stock Split From Rs.10/- to Rs.1/- 21-Oct-21
RASHTRIYA CHEMICALS & FERTILIZERS LTD. 20-Oct-21 Final Dividend – Rs. – 1.7800 21-Oct-21
Accelya Solutions India Ltd 21-Oct-21 Final Dividend – Rs. – 17.0000
BHANSALI ENGINEERING POLYMERS LTD.-$ 21-Oct-21 Interim Dividend – Rs. – 1.0000 23-Oct-21
HCL TECHNOLOGIES LTD. 21-Oct-21 Interim Dividend – Rs. – 10.0000 23-Oct-21
Mahip Industries Ltd 21-Oct-21 E.G.M.
MINDTREE LTD. 21-Oct-21 Interim Dividend – Rs. – 10.0000 22-Oct-21
Mishtann Foods Ltd 21-Oct-21 Interim Dividend – Rs. – 0.0020 22-Oct-21
RAMKRISHNA FORGINGS LTD. 21-Oct-21 Interim Dividend – Rs. – 0.5000 22-Oct-21
Star Housing Finance Ltd 21-Oct-21 E.G.M.
TEXMACO RAIL & ENGINEERING LTD. 21-Oct-21 Right Issue of Equity Shares 22-Oct-21
Vishwaraj Sugar Industries Ltd 21-Oct-21 Stock Split From Rs.10/- to Rs.2/- 22-Oct-21
Indo Us Bio-Tech Ltd 22-Oct-21 E.G.M.
INEOS Styrolution India Ltd 22-Oct-21 Special Dividend – Rs. – 192.0000 25-Oct-21
Prismx Global Ventures Ltd 22-Oct-21 Stock Split From Rs.10/- to Rs.1/- 25-Oct-21

GLOBAL CUES

Data on China’s GDP, factory output and retail sales is due on Monday. Later that day, numbers on industrial production in the US will be released.

A number of speeches by Fed officials are due this week. Analysts will monitor the commentary keenly for clues on the course of stimulus and monetary policy in the world’s largest economy going forward. US jobs data for October is due on Thursday.

Data on inflation in the UK is due on Wednesday, and on consumer confidence and retail sales on Friday.

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