Published on 8/07/2017 1:50:42 PM | Source: Amrapali Aadya Trading and Investments Ltd
Market heavyweights like ITC, Reliance & PSU Bank stocks to watch out for in coming week - Amrapali Aadya
Below is the Views on Market heavyweights like ITC, Reliance & PSU Bank stocks to watch out for in coming week by Mr. Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments
First trading session under GST regime started the week on strong note. Moving ahead in the week, benchmark indices turned choppy on the back of profit booking on the major counters. Nevertheless, indices again tuned nervous by escalating geo-political tensions after North Korea launched a long-range ballistic missile. Overall, week remained volatile on the back of GST and geopolitical tension. During the week, Railway related stocks hogged the limelight after Adventz Group signed a USD 2 billion-plus agreement with Israel’s Lesico group to collaborate in light rail transit (LRT) projects in Tel Aviv and Jerusalem. Needless to say, banking index supported the indices and remained buoyant amid expectations of positive first quarter earnings for the financial year 2017-18. Apart from that GST successful implantation also supported the market. Overall, week ended slightly positive.
Going ahead, market is likely to the dance to the tune of several macroeconomic events like Inflation, Indian industrial production and manufacturing, which is due in the coming week. Our hopes from the above mentioned data are building high as improvement in economic scenarios could provide some legroom to RBI for interest rate cut in the coming monetary policy. Apart from that, first quarter earnings for the financial year 2017-18 will start from Monday. Major earnings to be watch would be for IT bellwether TCS along with Infosys. They are likely to throw some color on the reeling IT companies’ scenarios. Apart from that, today night US payroll data and unemployment data are also schedule to declare, which will be keenly watched by the street. Hence, we could say that indices in the coming week would be event driven.
Overall we are positive on the indices and do advise investors to look for ITC, Reliance industries, PNB and pharma counters like Aurobindo, Cadila Healthcare. Kindly note, Reliance Industries AGM is schedule on 13th of July, which will be again an important event to watch for where we are expecting some positive news in regards to JIO.
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