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Global cues, quarterly results to guide equity indices (Market Outlook)
By Rohit Vaid
Mumbai, April 22 (IANS) Global cues such as volatile crude oil prices, along with the policy stance of major global central banks and the ongoing quarterly results season are expected to guide the Indian equity market’s trajectory next week.
According to market observers, April derivatives expiry coupled with the direction of foreign fund flows and rupee’s movement against the US dollar will also be closely tracked by investors.
“Global tailwinds would keep the markets range-bound next week, especially the crude oil prices,” Devendra Nevgi, Founder and Principal Partner, Delta Global Partners, told IANS.
“The ECB (European Central Bank) and BOJ (Bank of Japan) policy statements are due in the next week. The local bond yields and rupee levels (RBI’s response) would be closely watched after the hawkish RBI (Reserve Bank of INdia) minutes.”
Apart from global cues, companies like Bharti Infratel, Reliance Infrastructure, Bharti Airtel, Jindal Stainless, UltraTech Cement, Wipro, Axis Bank, Biocon, Rallis India, Yes Bank and Maruti Suzuki India are expected to announce their fourth quarter (Q4) earning results in the coming week.
“Better earnings, improved sentiment and weaker INR (Indian rupee) would help the IT sector stocks. Earnings releases of Axis, Yes and HDFC banks would be monitored closely to assess the trends of incremental NPAs (non-performing assets) recognition in private banks,” Nevgi said.
According to D.K. Aggarwal, Chairman and Managing Director of SMC Investments & Advisors: “Stock-specific action will continue to impact sentiment.”
“Next week it is expected that the Nifty will move in the range of 10,400-10,650 points levels and Bank Nifty will move in the range of 24,500 to 25,000.”
Besides, the rupee’s movement will be another crucial factor in the equity trade segment. The Indian rupee had weakened by 92 paise to close at 66.13 against the US dollar for the week ended April 20.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 2,821.24 crore, while the domestic institutional investors purchased stocks worth Rs 2,124.16 crore during last week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors divested equities worth Rs 3,096.62 crore, or $471.78 million, during April 16-20.
On technical levels, the National Stock Exchange’s (NSE) Nifty50 remains in an uptrend.
“The Nifty remains in an uptrend and further upsides are likely once the immediate resistance of 10,632 points is taken out,” said Deepak Jasani, Head of Retail Research for HDFC Securities.
“Crucial supports to watch for any weakness is at 10,395 points.”
Last week, forecast of normal monsoon rains, along with healthy earnings in the IT sector, had lifted the Indian equity markets.
Consequently, the barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) rose by 222.93 points or 0.65 per cent to close at 34,415.58 points.
Similarly, the wider NSE Nifty50 made gains. It closed trade at 10,564.05 points — up 83.45 points or 0.80 per cent from its previous week’s close.
(Rohit Vaid 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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