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Ahead of the start of the Jan-Mar earnings season, market sentiment will remain cautious as
participants’ eye key economic data to be released next week. The Central Statistics Office is
scheduled to detail headline inflation based on the Consumer Price Index for March on Monday.
Through the week, the trend in global markets and earnings from a few companies will also be watched. On Tuesday, markets will remain shut for Dr. Baba Saheb Ambedkar Jayanti. Annual inflation rate for March, based on the Wholesale Price Index, which is likely to be released on Wednesday, is seen inching up to (-)1.9%, primarily because of the hike in petrol and diesel prices.
We expect Q4FY15 (Jan-Mar) Nifty earnings to decline by 0.6% similar to decline of 0.6% in Q3FY15 (Oct-Dec). The deceleration in PAT (net profit) growth can be attributed to weak performance expected by metals, oil and gas, power equipment and construction stocks.
Among Nifty constituents, ACC, Tata Consultancy Services and IndusInd Bank will detail their earnings next week. Other companies include DCB Bank, Network18 Media and Investments, TV18 Broadcast, Mindtree and CRISIL Ltd. Shares in the mid-cap space, which have been outperforming their larger peers, are also likely to be in focus. These stocks are expected to continue gaining.
