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Metal Stocks Outlook for the week – 04 to 08.05.2015
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Stock indices are expected to tread lower in the coming week amid lack of any positive fundamental triggers, and lack of clarity on whether foreign institutional investors will have to pay minimum alternate tax for earlier transactions. Finance Minister Arun Jaitley, in his reply to a debate on the Finance Bill 2015, which was passed by the Lok Sabha today, said FIIs will not have to pay MAT from the current financial year and that its levy for the previous years would depend on a Supreme Court order.
Retrospective taxation fears and weak corporate earnings will continue to weigh heavily on the market. Introduction of key policy bills such as the one on Goods and Services Tax will be keenly watched next week. Indices have lost 1.5% each this week, and market participants believe further fall is on the cards. FIIs have been continuously on the short side. Also quarterly results are weak and monsoon is also not expected to be good. So fundamentally there are no positives. Market participants expect the National Stock Exchange to find initial support at 8100 points, breaching which sub-8000 levels on the index are likely to be seen.
Some market participants said a bounce back could be seen next week but the overall weak
sentiment would restrict any gains. Others advised utilising any bounce back to sell stocks.
Last trading day, the National Stock Exchange's Nifty ended at 8181.50, down 58.25 points or 0.7% from Wednesday's close, after testing a low of 8144.75 and a high of 8229.40 intraday. The S&P BSE Sensex closed at 27011.31, down 214.62 points or 0.8%. During the day, the Sensex touched a low of 26897.54 and a high of 27242.05.
Sector wise, market participants expect private banks and real estate stocks to extend gains next week. Market participants are bullish on private banks as some of them reported better-thanexpected Jan-Mar earnings this week.
Real estate stocks may extend gains next week as the government today said MAT will be exempted for gains from sale of real estate investment trust units. Tyre makers are set to gain on Monday as the finance minister said last day that the government would soon hike import duty on rubber to 25% from 20% at present.
On the earnings front, Kotak Mahindra Bank, Hero MotoCorp, Punjab National Bank, Grasim Industries and Hindustan Unilever will detail results for the quarter ended March next week. Others reporting Jan-Mar results next week include Adani Ports and Special Economic Zone, IDBI Bank, SKS Microfinance, Dabur India, South Indian Bank, Allahabad Bank, Eicher Motors and Titan Co.