The week ahead will be a shortened one for Indian markets as trading will remain shut on Tuesday and Wednesday on account of Diwali celebrations. Despite the festive lull at home, global markets will stay active with a heavy line-up of economic data releases from the US and the UK.
Globally, investors will track key economic data from the US and the UK, including the UK’s September CPI (expected at 4%) and a slew of US indicators such as crude oil inventories, initial jobless claims, home sales, and inflation readings due through the week.
Back home, the earnings season will pick up pace with major companies like Dr Reddy’s Laboratories, SBI Cards, SBI Life Insurance, ITC Hotels, Aditya Birla Sun Life AMC, and more set to report their quarterly results.
The primary markets take a breather, with no mainboard offerings lined up for the week ahead.
Markets On The Home Turf
Benchmark indices outperformed the broader market this week, extending gains for the third consecutive week. Nestle India and Asian Paints were the top gainers, each rising over 7% for the week.
The Nifty Midcap 150 also advanced for the third week in a row, led by strong gains in Persistent Systems and Godrej Properties. However, the Nifty Smallcap 250 snapped its two-week winning streak, with CreditAccess Grameen and Sterling and Wilson Renewable Energy among the biggest losers.
The Nifty 50 gained over 1.4% for the week, making it one of the best-performing indices. In the Nifty FMCG space, Nestle India and Varun Beverages led the gains.
Sectoral performance was mixed. Nifty PSU Bank and Nifty IT ended their two-week gaining streaks, while Nifty Oil and Gas, Realty, Pharma, Financial Services, and Nifty Bank indices extended their winning runs for the third straight week. The Nifty Metal index, however, declined for the second consecutive week.
Earnings This Week
Several companies across sectors are scheduled to announce their financial results in the coming week, with a packed earnings calendar starting October 21.
On October 23, a host of companies including Andhra Cements, Fabtech Technologies, PTC India Financial Services, Sagar Cements, Tata Teleservices (Maharashtra), Vineet Laboratories, and Vardhman Textiles will release their quarterly numbers.
October 24 will be the busiest day for earnings announcements. Big names such as Dr Reddy’s Laboratories, SBI Life Insurance Company, SBI Cards and Payment Services, Aditya Birla Sun Life AMC, ITC Hotels, Cigniti Technologies, eClerx Services, and Latent View Analytics are all scheduled to release their results. Other companies announcing on the same day include Brigade Hotel Ventures, Jinkushal Industries, Ponni Sugars (Erode), Shanthi Gears, Sigachi Industries, and Vakrangee.
Key Domestic Events, Global Cues
The upcoming week will see limited trading activity in India due to the Diwali holidays, with markets closed on Tuesday, October 21 for Diwali – Laxmi Puja and again on Wednesday, October 22 for Diwali – Balipratipada.
Globally, key economic data releases will take center stage. In the UK, the Consumer Price Index for September is scheduled on Wednesday, October 22, with consensus estimates pegged at 4.0%, up from 3.8% in the previous month. In the US, Crude Oil Inventories will also be released the same day.
On Thursday, October 23, the focus will shift to the US labour and housing data. A flurry of key inflation and growth indicators are due on Friday, October 24, including the Core CPI (Month-on-Month) and CPI (Year-on-Year) for September.
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