The Indian stock market is most likely to trade sideways for a better part of the coming week. Though economic and earnings data from across the globe will have some impact, investors will mostly track quarterly numbers from India Inc for direction.
The market will begin the week with investors reacting to quarterly results from Reliance Indutries Limited. A firm close on Wall Street on Friday is expected to set up a fairly steady start for the bourses.
Reliance Industries, which announced after trading hours on Friday (18 January 2013) that it posted a net profit of Rs 5502 crore for the quarter ended December 31, 2012 where as the same was at Rs 4440 crore in the corresponding quarter last year.
However, the company said the figures for the two quarters are not comparable, as the scheme of amalgamation of Reliance Jamnagar Infrastructure Limited under the company took effect from October 2012.
Ultratech Cement announced on Saturday that its net profit declined to Rs 600.81 crore for the quarter ended 31 December 2012, from Rs 616.86 crore for the quarter ended December 31, 2011. Total income increased from Rs 4728.07 crore for the quarter ended December 31, 2011 to Rs 4978.55 crore for the quarter ended December 31, 2012, the company said.