After the much awaited Reserve Bank of India's monetary policy review, which was released last Friday (3 May 2013), the focus of the market will be back on quarterly results from India Inc.
Among the top notch companies that will announce their quarterly numbers next week are, housing finance major HDFC, pharma firms Ranbaxy Laboratories and Lupin, power major NTPC and state run Punjab National Bank.
Asian Paints, Adani Power, Emami, GE Shipping, Glaxosmithkline Pharmaceuticals, Hindustan Motors, Oracle Financial Services, Shriram Transport Finance, Uco Bank, ABB, Corporation Bank, KEC International, Bajaj Hindustan, Escorts, HCL Infosystems, Indian Bank and Union Bank of India will also announce their quarterly results next week.
On the economic front, the data on industrial production for March will be released on Friday, 10 May 2013. Any significant decline in production will once again raise expectations of some monetary easing from the central bank, which said last week that the scope for further easing was very little due to inflationary pressures.
Investors, perhaps expecting a 50-basis points cut in repo rate and a 25 basis points cut in CRR had built up positions in rate sensitive banking, automobile and realty stocks during the earlier part of the previous week. With a section of the market pressing sales, venting their disappointment at the apex bank not resorting to aggressive monetary easing, the market gave up a good portion of the week's gains on the final trading session.
The mood, for a better part of the coming week, is likely to be cautious. The latest batch of earnings reports and the sales and shipments data from automobile and cement manufacturers will provide some direction.
There will be a short trading session on Saturday (11 May 2013) to facilitate testing of a new disaster recovery software of the Bombay Stock Exchange. The trading hours will be between 11.15 a.m and 12.45 p.m.