New Delhi: ‘With no major data due this week, stock market investors are expected to focus on the ongoing quarterly earnings and foreign fund inflows for further cues’, stated analysts.
Major earning announcements this week are of companies such as HDFC, Lupin, Glenmark Pharmaceuticals, Union Bank of India, GlaxoSmithkline Consumer Healthcare and Ranbaxy Laboratories. "Currently, participants are keeping a cautious approach due to the prevailing earnings season and the ongoing general elections. We expect this mood to continue in the coming week as well. As of now, broader bias is still on the positive side," said Jayant Manglik, President-Retail Distribution, Religare Securities Limited.
Markets are waiting for the outcome of the ongoing Lok Sabha elections that began on April 7 and will conclude on May 12. The results will be declared on May 16. According to Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio Ltd, "After a strong one-sided rally witnessed in last few weeks, we expect some consolidation within higher levels. Nifty is likely to trade within 6,500-6,850 in coming sessions. Election results may lead to higher volatility."
‘Overall market trend is positive and we expect buying to emerge from lower levels’, added more. Besides this, on the global front, the US jobs data would influence the domestic indices when they open for trade on Monday. The US economy added 2,88,000 jobs in April and the jobless rate fell to 6.3 per cent.
