Market Outlook

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Market last week

Market rallied to a new high supported by optimism over quarter earnings and positive global cues. A better monsoon outlook from IMD and expectation of US-China trade deal shortly provided relief to investors’ concerns. Auto sector was key outperformer given expectation of better monsoon. However, investors resorted to mild profit booking post recent rally given truncated week on account of extended holidays and mixed global cues. FIIs flows continue to be strong given good start to Q4 results, while DIIs flows continued to be mixed.

Week ahead

In the near-term investor’s focus will be on Q4 earnings and elections. Net profit of Nifty50 companies is expected to grow by 20% YOY for Q4FY19. The growth is mainly driven by banking sector due to low base in Q4FY18. For the week ahead results from key index heavy weights including large corporate banks will set the tone for earnings season. Continuity in FIIs flows and corporate earnings coming in-line with expectation will keep market float.

Posted: April 22, 2019

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