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Trend in global equities is likely to set the tone for Indian markets this week. At the domestic level, the investors will closely watch the industrial production data for March on Friday and results of key companies this week.
Globally, Euro-zone retail sales and ECB President Draghi’s speech (Monday), China’s consumer price index and Bank of England’s interest rate decision (Thursday) will be crucial triggers.
Technical analysts expect the Nifty to move in a tight range of 5,850– 6,050 levels, with action in specific mid-cap stocks. “This Parliament session has been an absolute washout. The Finance Bill had to be passed, but the other bills like the Food Security Bill, the Insurance Bill are still awaiting conclusion. Now, the talk is that the Land Acquisition Bill will be cleared through an ordinance,” said Amish Munshi, Senior Fund Manager, Tata Asset Management.
Asian markets opened firm on Monday with Hang Seng gaining nearly one %. Straits Times and Taiwan Weighted also gained 0.5% each. Japanese markets, however, are closed today.
SGX Nifty moved up 0.5% to 5,987 levels.
Back home, among individual stocks, watch out for SpiceJet, as ace investor Rakesh Jhunjhunwala and his wife Rekha picked up 25 lakh
shares in the airline nearly Rs 10 crore.
ACC and Grasim Industries will react to their March quarter numbers announced last week.
McLeod Russel India’s overseas subsidiary has acquired a tea processing plant in Vietnam for $2.75 million (about Rs 15 crore).
GlaxoSmithKline Pharmaceuticals, Ranbaxy, Lupin, Asian Paints and Reliance Communications some of the companies that will announce their March quarter results this week.
