The Indian stock market, which saw some weak spells recently and gave up significant ground in the process, will mostly be tracking quarterly results and key economic data for direction during the coming week.
The market will react to results from ONGC, Tata Power and Jaiprakash Associates on Monday. Tata Steel, Jindal Steel & Power, Tata Motors, GAIL India, State Bank of India, Coal India, BPCL, DLF and Dr Reddy's Laboratories are among the companies that will announce their quarterly results next week.
On the economic front, the data on industrial production for December 2012 will be released on Tuesday (12 February 2013). On the same day, the data consumer price index for urban and rural India for January 2013 will also be released by the government. In December 2012, inflation based on consumer price index for urban and rural India had risen 10.56%, as compares to 9.9% a month earlier.
A couple of days later, inflation based on the wholesale price index for January 2013 will be released. It is expected that inflation may have eased a bit in January.
Besides quarterly results and key economic data, global markets too will provide some cues for investors. Though some bargain hunting and short-covering will result in some upside, the market may find it tough to hold gains, due to lingering worries about the near term outlook for the economy following the government lowering growth forecasts to around 5% for the current year.
Friday's positive close on Wall Street may set up a steady start for Asian markets and result in some upside for Indian stocks as well, but regional news will then take over and dictate price movements.