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| Edited By: |Source: PTI |Updated: Mar 19, 2018, 05:07 AM IST
Last leg of corporate earnings, macroeconomic data and global cues will set the tone for stock markets in a holiday-shortened week ahead, say experts. Stock markets will remain closed on Friday for Independence Day. Industrial production data for June would come out on Tuesday.
Inflation based on consumer price index (CPI) would also be announced on the same day. Data for inflation based on wholesale price index (WPI) for July would come out on August 14. "We continue with our negative bias from last week with support levels held at 7,450. With the first quarter results coming to end this week, global cues will be very important for further movement of the markets from current levels as news flow of Iraq crisis will be keenly watched by the markets worldwide," said Jayant Manglik, President-retail distribution, Religare Securities Limited.
Among key corporate earnings this week are Tata Motors, Coal India, Indian Oil Corporation, Jaiprakash Associates, NMDC, Oil India, Sun Pharmaceutical Industries, Tata Power, ONGC, Tata Steel, Cipla, Hindalco Industries, Reliance Capital and Reliance Communications. Besides, investment trend by overseas investors, global cues, movement of rupee against the dollar and crude oil price would continue to influence trading in the stock market.
The rupee had on Friday slumped to a five-month low of 61.74 (intra-day) against the US dollar. "Market movement in near term may depend on WPI and CPI numbers which are going to be declared this week," said Vivek Gupta, Director Research, CapitalVia Global Research Limited. Marketmen said that global cues will be very crucial for our markets amid escalating geopolitical tensions after US President Barack Obama authorised targeted air strikes in Iraq. This will further stoke up global oil prices, they said. India imports 80 per cent crude oil of its requirements and it will be a big jolt to the country's economy, ultimately affecting the current account deficit. Meanwhile, over the last week, the benchmark Sensex fell by 151.7 points to settle at 25,329.14
