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Equity indices to take cues from results, macro-data (Market Outlook)
Mumbai, Nov 5 (IANS) The key Indian equity indices — the BSE Sensex and the NSE Nifty50 — are expected to take cues from quarterly results, along with macro-economic data points and the flow of foreign funds during the upcoming week.
“The focus will continue to be on results this month. Sectors like PSU banks, infra and pharma will be in focus,” Arpit Jain, AVP at Arihant Capital Markets, told IANS.
Some of the major companies that will announce their July-September quarter earnings during the upcoming week include Bharat Heavy Electricals, Cipla, Ashok Leyland, Bharat Forge, Aurobindo Pharma, Jindal Steel and Power, Steel Authority of India, Tata Motors, Mahindra and Mahindra, State Bank of India, Coal India and Larsen and Toubro.
“On the macro front, automobile sales data for October by SIAM (Society of Indian Automobile Manufactures) will be announced on November 8-10, and the Index of Industrial Production for September will be announced on November 10,” Jain added.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the Indian markets, which scaled a fresh peak on the first trading day of November, are all set to hit fresh highs in the next 12 months.
“Earnings recovery will prove to be the ‘make or break’ level for the Indian market. If earnings fail to play catch-up, then the Indian markets will start looking expensive and we could see some course correction,” Desai told IANS.
“The rally getting bigger highlights the inherent strength in the trend amid persistent demand at elevated levels and augurs well for the continuance of the up-move going forward,” Desai said.
Vinod Nair, Head of Research, Geojit Financial Services, said: “FIIs (foreign institutional investors) have turned net buyers since the government announcement on ‘Bharatmala’ and (bank) recapitalisation, which is a positive sign. The concerns of premium domestic valuations have faded and investors are looking towards visible long-term growth opportunities in sector/stocks.”
Figures from the National Securities Depository Ltd (NSDL) revealed that foreign portfolio investors (FPIs) invested in equities worth Rs 2,773.08 crore, or $179.57 million, during October 30-November 3.
Provisional figures from the stock exchanges showed that FIIs turned net buyers on November 1-2 and invested in stocks worth Rs 2,071.19 crore.
“However, in the near term, the market will continue to gauge ongoing Q2 results. However, any reasonable relief in tax rates of goods under 28 per cent bracket in the upcoming GST council meet next week will support the current positive momentum,” Nair added.
The GST Council will hold its 23rd meeting in Guwahati on November 10.
Commenting on technical levels, Deepak Jasani, Head, Retail Research, HDFC Securities, said: “Technically, with the Nifty surging higher to new life highs, the underlying trend remains up. Further upsides are likely once the immediate resistance of 10,471 is taken out.”
“Weakness could emerge next week if the support of 10,311 is broken,” Jasani told IANS.
Bolstered by an upbeat domestic macro data and global cues, the benchmark indices — BSE Sensex and NSE Nifty50 — rode the bulls to scale new highs last week.
On Friday, the broader Nifty50 of the National Stock Exchange (NSE) hit a new 52-week high of 10,461.70 points intra-day, and closed trading at record 10,452.50 points. On a weekly basis, it edged higher by 129.45 points, or 1.25 per cent.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, too, saw a strong closing at 33,685.56 points — up 528.34 points, or 1.59 per cent, on a weekly basis. The Sensex hit a new 52-week high of 33,733.71 points on intra-day basis.
(Porisma Gogoi can be contacted at [email protected])
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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