Top News
Monetary policy review, Q3 results to drive equities (Market Outlook)
By Rohit Vaid
Mumbai, Feb 4 (IANS) The final Reserve Bank of India (RBI) monetary policy review for 2017-18, combined with earning results from India Inc. and the flow direction of foreign funds are expected to set the course of key equity indices in the coming week.
Market observers opined that other factors, such as the Indian rupee’s movement against the US dollar, global crude oil price fluctuations and developments on the economic reforms front will influence investors’ risk-taking appetite.
“Weak sentiments may remain in the market… as investors will closely watch each development of the monetary policy committee (MPC) meeting,” said D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors.
According to Vinod Nair, Head of Research, Geojit Financial Services, higher-than-expected fiscal deficit target for FY19 of 3.3 per cent, rising inflation and yield may push RBI to be more “hawkish” on interest rates in the upcoming monetary policy review.
The MPC is scheduled to meet on February 6 and 7, for the Sixth Bi-monthly Monetary Policy Statement for 2017-18. In its last review, the MPC had kept the key lending rate unchanged.
Apart from the monetary policy review, Union Budget 2018-19 announcements like the levy of LTCG (Long Term Capital Gians) tax and a higher-than-expected fiscal deficit target for 2018-19 will chart the trajectory of the equity market.
“Introduction of LTCG will have a short-term impact on the market. But history points out that the budget-led volatility may not extend for the long term and focus will change to earnings and other macro developments,” Nair said.
In terms of the earnings results, companies like ACC, BHEL, SAIL, Bank of Baroda, Mahindra & Mahindra, Oil & Natural Gas Corporation, State Bank of India and Tata Steel are expected to announce their quarterly financials in the coming week.
“Earnings season is picking up pace, which is giving a sense to the participants to accumulate as long-term prospects remain intact,” Nair added.
Currency-wise, the rupee is expected to remain weak. It had depreciated by 51 paise to close at 64.06 against the US dollar from its last week’s close at 63.55.
“For the next week, higher bond yields and weakness in local stock can trigger further selling in the rupee. We can see USD/INR heading towards 64.50 levels on spot,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.
“On USD/INR, we can expect a range of 63.80 to 64.40-50 on spot over the next week.”
On technical charts, the underlying short-term trend of the National Stock Exhange’s (NSE) Nifty has turned negative.
“Technically, with the Nifty correcting for the fourth consecutive session and also breaking a trend line support in the process, the underlying short-term trend has turned down,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Further downsides are likely once the immediate support of 10,736 points is broken. Any pullback rallies could find resistance at 10,878 points-level.”
Last week, budgetary announcements like the levy of LTCG tax pulled the key equity indices — the Bombay Stock Exchange’s (BSE) S&P Sensex and the NSE Nifty50 — deep into the red.
Consequently, the barometer 30-scrip S&P Sensex tanked 983.60 points or 2.73 per cent to close trade at 35,066.75 points.
Similarly, the wider Nifty50 of the NSE dived into the red. It declined by 309.05 points or 2.79 per cent to 10,760.60 points.
(Rohit Vaid can be contacted at [email protected])
–IANS
rv/vm/ky/sac
Top News
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.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
