Mumbai: The markets are expected to be steady in this truncated week. Indian markets will open for a brief Muhurat trading to kickstart Samvat 2074 on Thursday and remain shut the following day for Diwali and Laxmi puja.
Even with two disrupting events like demonetisation and the roll-out of goods and services tax (GST) this year, the markets saw a good run in Samvat 2073 which ends on Thursday. “While the Nifty could correct sharply in the early part of Samvat 2074, it could later revisit the highs and attempt to breach them. Auto and metals could continue to do well, realty could be a dark horse, while healthcare could make a comeback this year,” said HDFC Securities Ltd.
Few companies that are expected to declare corporate earnings for the September quarter this week are Wipro, Axis Bank, ACC, Bajaj Auto and UltraTech Cement.
In terms of specific stocks, investors will react to Reliance Industries Ltd after the it reported on Friday a 12.5% increase in consolidated net profit for July-September. Its gross refining margin (GRM) in Q2 was at a nine-year high of $12 per barrel.
Avenue Supermarts Ltd will be in focus following its Q2 earnings. The parent company of retail chain D-Mart saw a year-on-year jump of 65.2% in its net profit for July-September led by fall in interest expenses and other income. During the period, its standalone revenue was at Rs3,508 crore up from Rs2,778 crore in year-ago period, registering a 26.3% growth.
In the primary markets, Godrej Agrovet will make stock market debut on Monday. The Rs1,157 crore initial public offering (IPO) was oversubscribed 95.41 times in the share sale during 4-6 October with a price band of Rs450-460 per share.
On the macro front, wholesale price index (WPI) inflation data for September will be released on Monday. Retail inflation was unchanged at 3.28% in September, while factory output rebounded strongly to a nine-month high of 4.3% in August