A look at some events which will guide the markets
Indian markets declined for a second straight day on Friday, but however ended the week on a positive note. Key indices Sensex gained 1%, Nifty 0.6% and Nifty Bank rose 1%. Nifty ended below 10800, Sensex below 36000 level.
Axis Bank 7.4%, Tata Motors 5.5%, ITC 5%, ICICI Bank 3.8%, Bharti Airtel 3.6% and Infosys 3.3% were among Nifty gainers. BPCL -6%, HPCL -5.8%, GAIL -4%, UltraTech -4% and Hero MotoCorp -2.9% were among Nifty losers.
For this week, Nifty resistance was seen at 10840, 11200 whereas support was at 10600, 10540. Bank Nifty Resistance was seen at 27790, 28200 and Support at 27170, 27450.
A look at some events which will guide the markets.
Infosys announced its Q3 earnings post market hours on Friday, consolidated net profit was down 12% on quarter at Rs 3,610 cr, Dollar revenue up 2.2% on quarter at $2,987 mn. The I.T. major revised its revenue guidance upwards to 8.5-9%, retained FY19 operating margin to 22-24%. Infosys also announced buyback of shares at Rs 800/share. Earnings will be in full flow this week with RIL, HDFC Bank, ICICI General Insurance, ICICI Lombard, and Wipro among many other companies announcing results this week.
CPI & WPI inflation data
Post a dismal IIP at 0.5% due to high base effect, markets will be watching out for inflation data. As per a Reuters poll, CPI inflation for the month of December due Monday is likely to be at 2.2%, lowest since June 2017. CPI at 2.2% will be near lower end of RBI's aim. December WPI due to be be released at Monday noon expected at 4.3%
Indian Bankers Association officials will meet RBI Governor Shaktikanta Das on Thursday to discuss state of the banking sector and Feb 12 circular. RBI Governor has been meeting all stakeholders since he took charge in December.
Vibrant Gujarat Summit
9th Edition of Vibrant Gujarat, the investment summit of the state of Gujarat, will kickstart on Friday to woo investments for various infrastructure projects. Prime Minister Narendra Modi will hold talks with the heads of over two dozen global wealth funds during the summit. Modi will have a roundtable with heads of some global sovereign wealth funds, pension funds and institutional investors on the inaugural day of the three-day summit on January 18.
UK Parliament to vote on government's deal to leave EU. legislators in the House of Commons voted 308 to 297 to back a motion demanding the government put forward a revised plan within three days should May lose the vote. Earlier UK PM May said deal was in national interest, but if the legislators disagreed, the government would respond quickly.