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Markets Next Week: China Interest Rate Cut To Propel Sensex Further
Indian markets closed for the 4th straight week with gains as positive news flows kept the momentum going. This week the push was on the back of comments from Mario Draghi, the European Central Bank President who hinted at more stimulus.
"We are ready to act if needed, we are open to a whole menu of monetary policy instruments," he said. This fueled a global rally led by the European bourses.
Late on Friday after the Indian and Chinese markets were closed, the People's Bank of China cut lending and deposit rates. It also cut the deposit per centage that banks have to keep with it. These measures were to spur growth and fueled another rally on the US and European markets. Indian and Chinese markets were closed and would likely react on Monday morning.
So, another small rally is expected early next week.
In other developments the results season was a mixed bag this week. Q2 Numbers from HDFC Bank and Bajaj Auto were excellent, while Asian Paints and Idea Cellular Q2 numbers were a disappointment. Wipro met street estimates, while its guidance left the street a little disappointed.
Individual stocks would continue to react to their results next week. All eyes would be on the biggies like L&T, ICICI Bank and HDFC. The latter is expected to show a consistent growth, while it's difficult to predict results of L&T and ICICI Bank.
All in all, it maybe a good time to sell on rally. This is because data from domestic institutions and FIIs suggest that there is no aggressive buying. FIIs bought marginally on Friday, but had sold marginally on Wednesday (markets were closed on Thursday). Domestic institutions have been selling on every rally as data shows net sales for them through the week.
So, if you get a chance to sell on a rally, it maybe a good idea.
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