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Cement Stocks Outlook for the week – 17 to 21.11.2014
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Benchmark indices are expected to trade with a positive bias, though further rise
in the market will be limited due to a lack of major triggers for the market as the
corporate second-quarterly result declaration season nears close. The Nifty may
extend gains next week and go up to 8450 points, at which level it may see
some correction.
Yesterday, the benchmark indices ended at record closing highs with the Nifty
ending at 8389.90, up 32.05 points or 0.4% from close Thursday and S&P BSE
Sensex ending at 28046.66, up 106.02 points, or 0.4%.
Metal stocks such as Jindal Steel and Power, and Hindalco Industries are seen
continuing to rise next week. Hindalco Industries ended up 3.5% yesterday and
Jindal Steel and Power ended up 4.1%. Metal stocks are important participants
of the current rally and gains in these stocks will sustain for the medium term.
Stocks of oil marketing companies such as Hindustan Petroleum Corp, Indian Oil
Corp and Bharat Petroleum Corp are expected to trade with a negative bias after
the announcement of the hike in tariff duties on both unbranded petrol and
diesel by 1.5 rupees per ltr each.
Stocks of Tata Motors, that declared its Jul-Sep earnings after market hours
yesterday, are expected to fall on Monday as the company posted belowestimate
result. The company posted a consolidated net profit of 32.91 bln
rupees as against an estimate of 47.6 bln rupees. Disappointing result from the
company's standalone business has been offset by good business from the
company's UK arm Jaguar Land Rover. JLR's net profit for Jul-Sep was at 450
mln pound sterling as against 507 mln pound sterling for the same quarter last year.
Stocks of HDFC Bank are set to soar next week on news that the Foreign
Investment Promotion Board has cleared HDFC Bank's investment proposal to
hike foreign holding in the bank to 74% after including its promoter HDFC's stake as foreign holding.
( www.rupeedesk.in )
( www.rupeedesk.in )