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=======================================================================Metal Stocks Outlook for the week – 24 to 28.08.2015 Seen range bound with a positive bias
IT Stocks Outlook for the week – 24 to 28.08.2015 Upbeat on weak rupee, grim broader market scenario
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( www.rupeedesk.in )
Concerns over slowdown in the global economy will continue to weigh on market sentiment in the coming week, with benchmark indices likely to fall further. Amid the persisting weak sentiment, one stock that will be in the limelight on Monday is Indian Oil Corp, in which the government will divest 10% stake through an offer for sale on Monday. Yesterday, stocks of Indian Oil ended down 0.7% at 394.85 rupees. The uncertainty in the global markets seems to have offset the news of government considering giving relief to foreign institutional investors on the minimum alternate tax issue.
The news is unlikely to soothe market sentiment in a big way. It will provide initial support but if the macro overhang continues, not too much positive will come out of this. Moreover, expiry of the August futures contracts on Thursday will keep trade volatile during the week. We expect the August futures contract of the National Stock Exchange's Nifty to expire around 8300 points. The likely weakness in the rupee will also weigh.
Yesterday, the rupee ended at 65.8250 per dollar, its lowest closing since Sep 5, 2013. Worries that a slowdown in the Chinese economy will translate into slower global growth saw the Nifty and the S&P BSE Sensex falling 2.6% and 2.5%, respectively, this week.
The benchmark indices have effectively erased all the gains made this year. Besides global concerns, persisting worries over lack of progress on key legislations and pick-up in earnings growth, and uncertainty over the US Federal Reserve's rate hike move have led to the gradual weakening in domestic equities. Year to date, Nifty is up 0.2% and Sensex is down 0.5%.
( www.rupeedesk.in )