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Earnings, crude oil, rupee to drive stock market this week

Monday, May 07, 2018

Key corporate earnings and factors such as movement of crude oil and rupee are likely to drive the domestic stock market this week, say experts.

"Some important risk indicators are creeping up, like crude at four-year high, increase in bond yield and depreciation in the rupee. Result season will get pace in the coming weeks with major heavyweights unveiling their results," said Vinod Nair, Head of Research, Geojit Financial Services.

Outflow of foreign funds due to rich valuation is a concern to the market. Additionally, investors may start to factor the likely result of Karnataka state election based on pre-poll survey. Any hiccups to the central ruling party may cast clouds over the general election in 2019," he added.

Among major earnings this week are from ICICI Bank, Jindal Steel & Power, Canara Bank, Union Bank of India and Dena Bank.

“Volatility is likely to remain this week too. For medium to long term, focus would also remain on state elections in H2 CY18 amidst earnings recovery, fiscal deficit, interest rate movement as well as demand revival ahead of general elections scheduled in May, 2019," said Teena Virmani, Vice President - Research at Kotak Securities.

Macroeconomic data announcements -- industrial production for March and April inflation rate -- post market hours on Friday may also influence sentiment.

Trading sentiment in the domestic equity market on Monday may also be influenced by the non-farm pay roll data for the US released on Friday.

"The market is still in a corrective mode. Results will not make any material impact on the stocks and markets but the outcome of Karnataka elections will be a crucial event to watch out for before making a move," said Jimeet Modi, Founder and CEO, SAMCO Securities.

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