|Chennai||Rs. 24470.00 (1.37%)|
|Mumbai||Rs. 24900.00 (0.97%)|
|Delhi||Rs. 24200.00 (1.26%)|
|Kolkata||Rs. 24160.00 (0%)|
|Kerala||Rs. 24000.00 (0.63%)|
|Bangalore||Rs. 23800.00 (0%)|
|Hyderabad||Rs. 24140.00 (1.17%)|
The Indian stock market, which drifted lower last week amid worries about near term economic outlook and on geo political concerns following the shelling at the Indo-Pak border, is likely to track quarterly results for direction in the coming week.
IT bellwether Infosys came out with better than expected numbers last Friday, and, more importantly, issued an impressive forecast. Following this, the Infosys stock rose sharply that day, recording its strongest outing in several years. Still, the overall weak sentiment dragged the market down to a flat close.
The market will react to Tata Consultancy Services' results early next week. It is expected that the company will report a more than 20% jump in net profit for the quarter ended December 2012.
The data on inflation in December will be released on Monday. The data will give some cues about what stance the Reserve Bank of India might take while reviewing its monetary policy later this month.
Axis Bank, Bajaj Auto, Yes Bank, Exide Industries, HCL Technologies, Hero Motocorp, HDFC Bank, IDBI Bank and Hindustan Zinc are among the other big companies that are slated to report their quarterly earnings next week.
Investors will also be eyeing key economic and earnings reports from across the globe. Though the market is likely to consolidate, with a few rounds of profit taking now and then, there could be a few bright spells in the event of some positive surprises on the results front.
A hike in oil prices is likely sooner than later. In the event of it happening next week, the market may well see some wild swings, with top rung oil stocks cornering attention.
Wall Street's lackluster close on Friday, will set up a cautious start for most of the markets in the Asian region on Monday, and the trend may not be any significantly different back home. Thereafter, quarterly results will set the tone.