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Equity Markets to focus on macro data, quarterly results and global cues in this holiday truncated week

Monday, October 16, 2017
By Dominic Rebello

Last week the BSE Sensex rose 618.47 points, or 1.94% to reclaim the psychological 32K-level to close at 32,432.69, while the NSE Nifty gained 187.75 points, or 1.88% and registered a fresh record close at 10,167.45.

Quarterly numbers from bluechips cos Axis Bank, Bajaj Finance, Bajaj Finserv, Colgate Palmolive, DHFL, Federal Bank, ACC, Axis Bank, Bajaj Auto, Wipro and Ultratech Cement and inflation data would play a key role in guiding stock market trend in the holiday-shortened week ahead, say experts.

“On 16th October, 2017, the WPI food, fuel, inflation and manufacturing inflation data are scheduled to be released at 2:30 p.m. This could serve as a market mover this week,” said Anupam Singhi, CEO, MarketSmith India.

Stock markets would be closed on Thursday and Friday for Diwali. Markets will open on Thursday for an hour for Muhurat session.

"This is a holiday-shortened week with the markets opening on Diwali for an hour for Muhurat session. Economic data is not much this week except for China’s third quarter GDP data and our WPI numbers. The general trend of the markets is largely expected to be positive," said VK Sharma, Head Private Client Group & Capital Market Strategy, HDFC Securities.

“The focus will continue to be on results in this month. Sectors like financials, auto, metals, and consumer could see interest on back of results,” said Arpit Jain, AVP at Arihant Capital Markets.

“On the valuation front NIFTY50 is trading at trailing price-to-earnings multiple of 26. Rupee gained on Friday after data showed inflation held steady, Global cues remained positive with US markets closing at record highs and all this data could help markets sustain the up move, Jain added.

The market is currently trading at P/B of 3.5 in line with its long term average. As earnings growth has been subdued in last few years, we believe that P/B is more appropriate valuation tool than P/E. The market offers an attractive opportunity to build exposure at current levels as well as on declines with 3 to 5 years view, said Hemant Kanawala, Head- Equity, Kotak Life Insurance.

Jayant Manglik, President, Retail Distribution, Religare Securities Ltd. said, “We expect the Nifty to touch 10300 in near future. However, traders shouldn't deviate from the stock specific trading approach and give preference to private banks, financials, auto and metal counters for fresh buying.”

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