India Week Ahead (Nov 13 - 17): PM Modi and President Trump meet
Indian market took a breather after hitting record high. Key indices - Sensex slipped 1.5%, Nifty Down 1.7%, Bank Nifty fell 1.1% for the week. A look at some events to watch out for:
Market reacts to GST council decisions
Taking cognizance of the demands the GST Council at its 23rd meet in Guhawati last Friday slashed rates for 178 items. Only 50 out of 228 items are now in the 28% slab. GST for restaurants slashed to 5% from the earlier slab of 18%. GST rates for FMCG, Footwears and wristwatch were also slashed.
PM Modi - President Trump meet in Manila
Prime Minister Narendra Modi is visiting Manila, Phillipines to attend the ASEAN Summit. PM Modi will be meeting US President Donald Trump on the sidelines of the summit. According to reports F-16 fighter jet contract may be discussed during the meeting. Beside US President Trump, PM Modi will be meeting the Prime Ministers of Japan, Australia and New Zealand.
New India Assurance listing on Monday
State run insurer New India Assurance will get listed on exchanges on Monday. The Rs 9,600 cr IPO was fully subscribed after LIC invested Rs 6,500 cr in it. The insurance firm has set a price band of Rs 770-800 for IPO, which values it at Rs 65,000 cr.
Q2 earnings continue
Q2 earning which has been a mixed bag till now. Bajaj Hindusthan, Max Financial, Adani Ent, Gammon Infra, Repco Home, Procter & Gamble, Adani Ports, Gujarat State Petronet, Shree Renuka Sugars, Apollo Hospitals, Gillette India, Marksans Pharma, Future Enterprises, Phoenix Mills will announce their results this week.
After a dismal IIP data for the month of September that stood at 3.8% vs 4.5% in August, market will be eyeing inflation data. CPI for the month of October will be released at 05.30pm on Monday. Whereas October WPI will be released at 12pm on Tuesday.