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With Q1 earnings, WPI data scheduled equity indices await eventful week ahead

Market is expecting 19 per cent growth in PAT (profit after tax) for Sensex index stocks and 14.7 per cent for Nifty50 index stocks in Q1, FY19 compared to a washout in last quarter.

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Mumbai, July 15 : After reaching new landmarks in the last couple of trading sessions, the key Indian equity indices are likely to witness another eventful week (June 16-20), with major quarterly earnings and a key macro-economic data point, the Wholesale Price Index, due in the next few days.

According to market observers, further developments in the ongoing trade tensions between the US and China also would set the cues for the global markets.

“The markets next week would look forward to the earnings season as larger companies such as HUL (Hindustan Unilever), Bajaj group of companies will come out with their results,” said Devendra Nevgi, founder and Principal Partner at Delta Global Partners.

According to Geojit Financial Services’ Head of Research, Vinod Nair: “Market is expecting 19 per cent growth in PAT (profit after tax) for Sensex index stocks and 14.7 per cent for Nifty50 index stocks in Q1, FY19 compared to a washout in last quarter.”

“From here on market trend will largely depend on progress of results season,” he said.

Gaurav Jain, Director of Hem Securities said: “We will continue to see stock-specific approach as heavyweights like HDFC Bank, Hindustan Unilever, Ashok Leyland, Zee Entertainment, Ultratech Cement, MindTree, Bajaj Finance, and Kotak Mahindra Bank are scheduled to report their quarterly earnings.”

On the macro front, the government will announce wholesale price inflation (WPI) for June 2018 on Monday, July 16, Jain added.

Further, on the global side, markets would be hoping for easing of trade related issues between the US and China, said Sanjeev Zarbade, Vice President for Research at Kotak Securities.

Noting the significance of oil prices, Zarbade said: “Crude oil prices have corrected a bit and further softening in prices would be positive for global markets”.

In the week ended Friday, fall in crude oil prices was a major factor for the positive trend in the global and domestic equity markets.

As per Delta Global Partners’ Nevgi, the fall in crude prices and weaker US dollar would help the sentiments in the rupee market.

On Friday, the Indian rupee closed at 68.53, strengthening by 35 paise from its previous week’s close of 68.88 per greenback.

Talking on the investor sentiments in the Indian equity market, Nevgi told IANS,the support comes from domestic investors as foreign ones continue to be net sellers.

In the week gone by, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 1,801.65 crore, while the domestic institutional investors purchased stocks worth Rs 2,288.08 crore.

During the upcoming week, Deepak Jasani, Head of Retail Research at HDFC Securities feels, “further upsides are likely, once the immediate resistance band of 11,078-11,171 (Nifty50) is taken out.”

The level of 10,893 points would be a crucial support for the Nifty50 on the National Stock Exchange, he added.

On Friday, the Nifty50 closed at 11,018.90 points — up 246.25 points or 2.29 per cent — from its previous week’s close.
The Sensex on BSE rose by 883.77 points or 2.48 per cent to close at 36,541.63 points on a weekly basis.
On Thursday, the barometer 30-scrip Sensex touched a record high of 36,699.53 points, only to surpass the level the very next day and set a fresh all-time high of 36,740.07 points.

It had also set a new closing high of 36,548.41 points on Thursday.

With another eventful week expected to follow, these instances of fresh benchmarks and landmarks, may not end here.

(Rituraj Baruah can be contacted at [email protected]n )

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ICPA seeks ‘one rank one pay’ for AI pilots

According to ICPA, from October 2017, the Air India management had started paying a section of wide-body pilots an ad-hoc amount at par with the new proposal which is yet to be approved by the ministry.

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New Delhi, Oct 17 ; The Indian Commercial Pilots’ Association (ICPA) on Tuesday sought ‘one rank one pay’ for all the pilots of the national passenger carrier Air India.

In a letter to Civil Aviation Minister Suresh Prabhu, ICPA urged the ministry to address the pilots’ pay parity issue which is the legacy of Air India-Indian Airlines merger that took place more than a decade ago.

According to ICPA, from October 2017, the Air India management had started paying a section of wide-body pilots an ad-hoc amount at par with the new proposal which is yet to be approved by the ministry.

The letter alleges that half of the flying allowance paid to wide-body pilots is still being paid in fixed US dollar exchange rate of Rs 45.50, while the present US dollar exchange rate has reached an all time high of Rs 74.

As per the letter, while majority of Air India pilots are paid international layover subsistence allowance on actual international night stops ($200), a section of wide body pilots continue to receive a fixed monthly international layover allowance irrespective of number of international night stops undertaken.

“We fail to understand as to why the top management has turned a blind eye to this issue which is bleeding the national carrier of high value foreign exchange,” the October 16 letter said.

“In spite of being in the know of the US dollars being paid to these pilots at an exchange rate of INR 45.50, the Director (Operations) has taken no initiative to correct the wrong for reasons best known to him,” it said.

IANS

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Sensex opens 140 points up, Nifty at 11,550

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Mumbai, Oct 16: The 30-scrip S&P BSE Sensex on Tuesday opened in the positive territory tracking similar cues from its Asian peers.

Healthy buying was witnessed in auto, healthcare and capital goods counters.

The Sensex of the BSE opened at 35,004.33 points from its previous close at 34,865.10 points on Monday.

At 9.20 a.m., the Sensex traded at 35,006.10 points up by 141 points or 0.40 per cent.

The broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 10,550.15 points after closing at 10,512.50 points.

The Nifty traded at 10,545.00 points during the morning trade session, up 32.50 points and 0.31 per cent.

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NDTV, Airtel launch live channel

This partnership with Airtel allows us to use to dream potential the possibilities of digital and telecom technology.

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New Delhi, Oct 15 : Media firm NDTV on Monday announced its partnership with telecom service provider Bharti Airtel to launch live channel “NDTV HOP”.

The live channel for smartphones comes in portrait (vertical) mode with exclusive content for Airtel TV users.

“NDTV is valued and recognised for creating and launching terrific new content in the online space,” Suparna Singh, Group CEO, NDTV, said in a statement.

“This partnership with Airtel allows us to use to dream potential the possibilities of digital and telecom technology,” Singh added.

NDTV HOP would offer instant access to digital content covering the latest from news, Bollywood, auto, technology, pop-Culture, online deals, fashion and much more.

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