The Indian stock market is likely to move sideways next week with investors tracking quarterly results from India Inc for direction. The rupee's movements and news from across the globe will also play a role in setting the trend for the market.
After eight successive days of losses, some bargain hunting is quite likely at some front line counters. But a strong recovery may well remain elusive, as worries about near term economic outlook and some disappointing earnings reports will continue to weigh on sentiment and prompt investors to tread cautiously. The week will be a truncated one due to a holiday on Friday (9 August, 2013) for Ramzan.
Automobile and cement stocks will continue to remain in focus, with recent data on sales and shipments for July providing some direction. The progress of the monsoon, which has been fairly encouraging till now, will be eyed.
Tata Power, Ranbaxy Laboratories, Tata Motors, Sobha Developers, Unitech, Bharat Earth Movers, Engineers India, SpicJet, MOIL, NMDC, Lupin, Glaxosmithkline Pharmaceuticals and Apollo Hospitals will announce their quarterly results next week.
ND TV, RCF, Jindal Saw, Karur Vysya Bank, Mangalam Cement, Welcorp, Puravankara Projects, Apollo Hospitals, Apollo Tyres, Cadila Healthcare, Eicher Motors, Emami, Lanco Infratech, MOIL, NMDC, Adani Enterprises, BGR Energy, Bharat Forge, Fortis Healthcare, HMT, IRB Infrastructure, Moser Baer, REC and Sobha Developers are among the other companies that will come out with their earnings reports during the week.
Asian markets are likely to open on a cautious note on Monday following the release of a lower than expected rise in US non-farm payroll. Economic and earnings news out of the U.S. and speculation about Fed stimulus will continue to impact global markets.
Back home, developments on the National Spot Exchange, which suspended trading in 1-day contracts and deferred settlement of pending contracts by fifteen days, will be eyed. Shares of Financial Technologies (FTIL), which owns the National Spot Exchange, and MCX, a subsidiary of FTIL, plunged sharply last week, and are likely to remain focus over the next few sessions.