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Q1 earnings, F&O expiry to steer equity indices in the week ahead (Market Outlook)
By Rituraj Baruah
Mumbai, July 22 (IANS) After largely bearish trade in the week-ended Friday, the key Indian equity indices would be driven by corporate earnings, futures and options (F&O) expiry and the rupee movement in the week ahead, analysts said.
The proceedings of the ongoing monsoon session of parliament are also likely to impact the market.
Further, analysts feel the result of Friday’s no-confidence motion in Parliament, which the government comfortably won, is likely to support investor sentiments in the week ahead.
“Earnings season will pick up pace in the coming week, where the expectations are high. Any revival in earnings growth will provide the scope for re-rating in valuation,” said Vinod Nair, Head of Research at Geojit Financial Services.
According to Delta Global Partners’ Principal Partner, Devendra Nevgi, the markets would look forward to earnings releases, particularly of HDFC Bank, ITC, Bharti Airtel and Dr Reddy’s Lab.
“The outcome of the no-confidence motion against the ruling government would bring some relief to the market,” Nevgi said.
Gaurav Jain, Director of Hem Securities, was of the opinion that developments in the monsoon session of Parliament and expiry of July F&O contracts, would dictate trend s on the bourses next week.
“Ahead of the F&O expiry in the coming week, traders will square off their positions as this would be the first F&O expiry which will be settled in physical delivery for some bluechip stocks,” Jain added.
Further, the movement of the Indian rupee is critical.
On Friday, the rupee hit an all-time low of 69.12 against the greenback but eventually recovered and closed at 68.85, strengthening by three paise from its previous week’s close of 68.88 per greenback.
On Thursday, the rupee had also touched a fresh closing low of 69.05 per dollar.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 1,209.41 crore, while domestic institutional investors (DIIs) purchased stocks worth Rs 1,300.06 crore in the week gone by.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested Rs 888.70 crore, or $129.80 million from the equities segment on stock exchanges during the week ended on July 20.
In the week ended Friday, the key indices declined marginally due to rise in inflation rate, weakening rupee and the no-confidence motion in Parliament.
Index-wise, on a weekly basis the benchmark Bombay Stock Exchange’s (BSE) Sensex closed at 36,496.37 points — down 45.26 points or 0.12 per cent from the previous close. Significantly, on Wednesday, the Sensex hit a fresh record high of 36,747.87 points, but could not hold on to the gains.
The wider Nifty50 on the National Stock Exchange (NSE) settled at 11,010.20 points, down just 8.7 points or 0.08 per cent — from its previous week’s close.
In the week ahead, the Nifty50 is likely to witness further upsides once the immediate resistance of 11,078 points is taken out, said Deepak Jasani, Head of Retail Research at HDFC Securities, adding that the crucial support levels would be at 10,925 points.
(Rituraj Baruah 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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