Investors will eye overseas equities and Apr-Jun earnings for cues on Monday, but the market trend will mainly depend on the Reserve Bank of India's first-quarter monetary policy review on Tuesday. Yesterday, US index futures were up ahead of the Commerce Department's estimate for Apr-Jun gross domestic product. The RBI to keep policy rates unchanged, even though both inflation and India's economic growth have begun cooling down. Interest rate-sensitive sectors such as banking, automobile, real estate, and capital goods could be subdued before RBI's policy.
Stocks of IRB Infrastructure Developers are likely to gain on Monday as the company, post market hours, reported an Apr-Jun net profit of 1.42 bln rupees. Grasim Industries could be weak as the company's 7.18-bln-rupee net profit for Apr-Jun missed consensus estimate of 7.6 bln rupees. Rural Electrification Corp stocks may gain as the company's profit rose to 8.77 bln rupees in Apr-Jun from 6.62 bln rupees a year ago. Investors in Maruti Suzuki India will take cues from the company's Apr-Jun earnings on Saturday. The auto major reporting a 15% on-year
fall in net profit to 4.69 bln rupees due to high discounts on petrol models and fluctuation in currency.
Weakness in the rupee against the dollar coupled with a better product mix and facility utilisation are likely to help Cipla post a 24% on-year rise in net profit to 3.13 bln rupees. Jaiprakash Associates' Apr-Jun net profit is likely to have risen by a tepid 2% on year to 1.09 bln rupees.
Havells India, Kansai Nerolac Paints, Bhushan Steel, Hexaware Technologies, IDBI Bank, Petronet LNG, Titan Industries, GlaxoSmithKline Consumer Healthcare, Cummins India, Satyam Computer Services, Jet Airways, Marico, SKS Microfinance are some of the major non-Nifty companies reporting their earnings next week.
(www.rupeedesk.in)
