key quarterly result to watch out and Major market events this week.
Major results this week includes Hindustan Unilever, Axis Bank, Bajaj Finserv, ACC, Wipro, Tech Mahindra, Bajaj Auto, AU Small Finance Bank, Nestle India, TATA Consumer Products, HDFC AMC.
In this earnings season some of the major companies to release their quarterly numbers in the coming week are IndusInd Bank, Bank of Maharashtra, Persistent, and NELCO on April 24. Followed by Bajaj Auto, AU Small Finance Bank, Nestle India, TATA Consumer Products, HDFC Asset Management Company, and Rallis India, on April 25.
While Bajaj Finance, Maruti Suzuki India, HDFC Life Insurance Company, SBI Life Insurance Company, L&T Technology Services, Canfinhome, and Voltas will release the numbers on April 26. Hindustan Unilever, Axis Bank, Bajaj Finserv, Indian Hotels Company, ACC, Wipro, LTI Mindtree, Tech Mahindra, and Trent, will announce the results on April 27. UltraTech Cement, L&T Finance Holdings, Sbi Card on April 28, and Kotak Mahindra Bank, IDBI, and IDFC First Bank will declare results on April 29.
On the economic front in the coming week, investors will be eyeing the Government Budget Value (fiscal deficit) data to be released on April 28. India’s fiscal deficit widened to Rs 14.54 trillion in April-February 2023 from Rs 13.17 trillion a year earlier. Also, Foreign Exchange Reserves are to be out on the same day. Market participants will be also eyeing Infrastructure Output data for March to be out on April 28. Infrastructure output in India increased by 6 per cent year-on-year in February 2023.
Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities said “Nifty Index lost 1.14 per cent, while Sensex lost around 1.28 per cent in the past week. Indian equity markets remained concerned about growth prospects, even as inflation continued its downward trajectory both globally and domestically. Global equity markets remained volatile as market participants continued to seek clarity on the evolving growth-inflation balance. Indian equity markets were circumspect as they absorbed the weak earnings prints of major IT companies for Q4FY23. Going forward, D-street will focus on the macro trends. Markets going ahead may be dominated by global news flows and steps taken by different governments to tackle their economy.”
Chouhan added “On the economy front, minutes of the April MPC meeting highlighted members’ increased concerns about the inflation outlook, while they were optimistic on the growth front. In Global news, U.S. Treasury yields continue to drop after a round of data indicated that the economy might be contracting. Investors continue to weigh up the Federal Reserve’s monetary policy trajectory, with the market pricing in another 25 basis point interest rate hike at the central bank’s early May meeting. In May’s monetary policy meetings, investors expect the Federal Reserve and the Bank of England to enact one more interest rate hike before pausing. Investors are also reacting sharply to corporate earnings in Europe and US.” He said.
US market data
On the global front, investors would be eyeing some important economic data from the world’s largest economy, the United States (US), starting with Dallas Fed Manufacturing Index on April 24, followed by Redbook, New Home Sales, House Price Index on April 25, API Crude Oil Stock Change, Durable Goods Orders, Goods Trade Balance on April 26, GDP Growth Rate, Initial Jobless Claims, Pending Home Sales on April 27, Core PCE Price Index, Chicago PMI, Michigan Consumer Sentiment and Baker Hughes Oil Rig Count on April 28.
