Indian market closed in the negative for eighth straight sessions, benchmark indices closed lower by 0.2%, Nifty closed below the 11,300 Mark which is a 9-week closing low.
For the week key indices Nifty closed down 3.7%, Sensex fell 3.8%, Nifty Bank slipped 3%. JSW Steel -7%, Asian Paints -6.9%, Vedanta -6.9%, NTPC -6%, Tata Motors -11.2%, RIL -11%, Tata Steel -10.5%, Zee Ent -10%, IndusInd Bank -7.6% were among losers on the nifty index.
Indian rupee saw its worst week in 4 months. Rupee closed at 69.91/$, lost 1% for the week.
A look at some events which will guide the markets.
Earnings season which has been subdued till now, continues - HDFC, ITC, Vodafone Idea, Oriental Bank, Just Dial, IDBI Bank, Union Bank, Siemens, Indian Bank are some major earnings to watch out for this week.
Lok Sabha polls
Polling for Lok sabha phase 6 is underway, as many as 59 constituencies in 7 states went to poll this morning including 7 seats in Delhi-NCR. The 7th and final phase of polls will take place on Sunday, May 19 with 59 constituencies in 8 states going to polls. This will mark the end of Lok Sabha polls with results being announced on May 23
Macro economic data
After March IIP data release on Friday, market will eye April CPI and WPI data,
March IIP stood at -0.1% which is a 21-month low, Capital goods at -8.7% and Consumer durables at -5.1% were the major drag. April CPI inflation due on Monday may rise to a 6-month at 2.97% as per a Reuters poll. WPI inflation due on Tuesday may come in at 3.07%, April trade deficit due on Wednesday may widen to $13.9 bn.
Mindtree open offer saga
Engineering giant L&T which has already picked up more than 25% stake in Mindtree is expected to launch an open offer to acquire majority stake on Tuesday, the move is still to get SEBI's approval.
The ongoing trade war between two of the largest economies U.S. and China may escalate further, affecting markets worldwide. Chinese Vice-Premier Liu He was in Washington to meet Trump administration, the meeting remained inconclusive with President Trump accusing China of negotiating deals at the last minute, warned China of imposing 25% tariff on all goods exported to America. U.S. fell on Friday post news of trade talks failing. The two sides may meet again next month.
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