Earnings, foreign fund movement to drive stock markets this week
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Earnings, foreign fund movement to drive stock markets this week

Last Updated: Sunday, October 20, 2013, 11:44
 
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Earnings, foreign fund movement to drive stock markets this week
New Delhi: Stock markets would take cues from the ongoing July-September quarter earnings, with HDFC and ICICI Bank among the blue-chips set to report results this week, and investors would also closely track overseas fund flow movement for further direction, experts said.

Besides, the next major event on the domestic front is the Reserve Bank of India's monetary policy review on October 29, they added.

"Markets will continue to be volatile as elections are also approaching and RBI's monetary policy is slated later in the month. In coming sessions, 6,050 shall be crucial deciding level for Nifty in near-term, and the index is likely to witness further buying above this level," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.

Among other major results this week are Cairn India, Wipro, ACC, Ambuja Cements, Hero MotoCorp, NMDC and ITC.

"The other trigger for the markets will be Fed policy meeting and RBI policy meeting at the end of the month. Markets are largely expecting another hike in interest rates from RBI, post the disappointing CPI numbers.

"Going ahead, results of the state elections in December will be an important determinant of the market movement in the months to come," said Dipen Shah, Head of Private Client Group Research, Kotak Securities.

Indicating worsening of the price situation, inflation - wholesale as well as retail - went up in September.

While the Wholesale Price Index (WPI) based inflation climbed to 7-month high of 6.46 percent, the one based on Consumer Price Index (CPI) inched closer to double digit at 9.84 percent.

Meanwhile, on the global front, the Federal Open Market Committee (FOMC) will hold a two-day policy meeting on October 29-30.

The BSE benchmark Sensex last week gained 1.72 percent to 20,882.89.


PTI

First Published: Sunday, October 20, 2013, 11:44


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