INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The high-voltage political drama in Karnataka, surge in US bond yields and rising crude prices broke the back of the bulls last
week, which saw domestic equities posting their biggest weekly loss in 10 weeks.
On Friday, the Sensex slipped below the crucial 35,000
level to settle at 34,848, down 301 points or 0.86 per cent
NSE Nifty ended below the 10,600 level at 10,596.40, down 86 points or 0.81 per cent
On a weekly basis, both the indices lost 2 per cent each.
Going by the buzz on Dalal Street, here's a look at the key events that are likely
to influence market in the coming week:Next batch of Q4 earningsAmong notable names, Colgate-Palmolive (India), Just Dial and Mahanagar Gas
are scheduled to announce their March quarter results on May 21, 2018
Andhra Bank, Bata India, Cipla, Dr Reddy's Labs, IOC and State Bank of India are expected to unveil their score cards on May 22,
2018.
Godrej Industries, Grasim Industries, Jet Airways and Tata Motors will announce January-March results on May 23, while Gail,
Glaxosmithkline Pharma and MOIL will announce theirs on May 24
Bank of Baroda, BEML, Cadila Healthcare, Engineers India, Hindustan Copper, NBCC, Sun Pharma and Tech Mahindra are slated to announce
In a dramatic turn of events, BS Yeddyurappa, who took oath as the Chief Minister on Thursday, resigned on Saturday, after he failed to
secure the magic number of 112 required to form the government
G Chokkalingam, founder and CEO, Equinomics Research Advisory said it was just a political setback and it may not have any major
implication for the market.
"What matters to the market is whether the ruling government will come back to power in 2019
To that extent, BJP has already doubled its seats in Karnataka
The outcome will have only a knee-jerk reaction," Chokkalingam added.
Indostar Capital listingNBFC Indostar Capital Finance, which recently
concluded its initial public offer, will make stock market debut on Monday.
The Rs 1,844-crore IPO was subscribed 6.80 times during May 9-11
Indostar is mainly into offering structured term financing solutions to companies and loans to SME borrowers.
Crude pricesOil prices posted
their sixth straight weekly gain after touching $80 a barrel earlier this week
Global prices have been supported this week by concerns over US sanctions against Iran, shrinking stockpiles and production shortfalls in
the country imports majority of its crude requirements
A weak rupee raises the cost of importing crude oil.
What do the tech charts sayThe Nifty50 index on Friday formed a 'Bearish Belt Hold'
The index sent out a sell signal on the MACD chart after falling 124 points over three consecutive sessions.
It dropped below its five-day
and 13-day exponential moving averages (EMAs), suggesting that more downside could be in the offing
For now, a key level to watch out will be 10,725, a breach below which may extend the ongoing correction towards 10,620 and 10,600 levels
May monetary policy meeting will be released on Wednesday
The Federal Reserve left its target range for the federal funds rate steady at 1.5-1.75 per cent during its May 2018 meeting, in line with
market expectations.
This apart, the next round of Brexit talks will take place in Brussels on Tuesday
The UK Prime Minister Theresa May said on Thursday that Britain would leave the EU customs union after Brexit, but a source said London was
