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Time To Tread With Caution
This week, saw Indian benchmark indices (Nifty and Sensex) halting their longest weekly gaining streak since January 2018.
The NSE Nifty 50 ended at 11,643.45 points and fell nearly 0.2 percent during the week.
Range bound trade next week
We might not see too much volatility, until we draw closer to the election results. That too seems to have been discounted and the markets are expecting a second term for Narendra Modi government.
However, the markets are also likely to react to the quarterly numbers. Already, Infosys and TCS have kick started the earnings season with numbers that are better than expected.
Infosys reported a 10.51 percent increase in consolidated profit at Rs 4,078 crore for the January-March 2019 quarter on a year-on-year (YoY) basis. In a statement to the stock exchanges, the company said that the board has recommended "a final dividend of Rs 10.50/- per equity share for the financial year ended March 31, 2019."
Tata Consultancy Services Limited, also announced its Q4 earnings numbers. The net profit of the company stood at Rs 8,126 crore for the fourth quarter of 2019 as compared to Rs 8,105 crore during the previous quarter of 2019 (quarter-on-quarter).
Both these companies have now kick started the earnings season. It would also be interesting to keep an eye on global events and how global markets move. On Friday, the S&P 500 gained more than 1 per cent, ending the third straight week of gains. Most of the Asian and European markets have followed the US markets higher.
On Monday, it would be interesting to see how the stocks of TCS and Infosys react to their results. In all probability it could be a flat to positive start for these IT majors.
Banking stock results would also be eagerly watched for a turnaround. Most of these stocks have seen substantial rallies. If results from then disappoint, we could see prices fall.
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