Bihar Elections, Final Earnings Spree, Lenskart Listing, Infosys Buyback — The Week Ahead
Bihar is ready to crown its latest ruling party with the second phase of elections kicking off on Nov. 11, and counting of votes on Nov. 14.
Investors are heading into a busy week packed with domestic corporate actions and political developments.
On the corporate front, several large, well-tracked names, including Power Grid Corp., Astral, Garden Reach Shipbuilders & Engineers, ONGC and Infosys will turn ex-date for dividends, buybacks or restructuring moves.
The week also features multiple bonus issues and stock splits across mid-cap and small-cap counters, alongside heavy activity across the final week of September quarter earnings.
In the primary market, IPO activity stays in focus with fresh listings from the likes of Groww and Lenskart.
Coming to the political battleground, Bihar is ready to crown its latest ruling party with the second phase of elections kicking off on Nov. 11, and counting of votes on Nov. 14.
Take a look at the line up for the week ahead:
Markets On The Home Turf
The Sensex and the Nifty 50 witnessed sharp declines in intraday trade on Friday, marking their third straight session of losses. Over these three sessions, the Sensex has tumbled more than 1,300 points, or 1.6%, while the Nifty 50 has slid over 440 points, or 1.7%.
During Friday’s session, the Sensex dropped more than 600 points, nearly 1%, to hit an intraday low of 82,670.95, while the Nifty 50 also fell close to 1% to touch an intraday low of 25,318.45.
The foreign portfolio investors on Friday turned net buyers of Indian shares for the first time after six straight sessions. The FPIs bought stocks worth approximately Rs 4,581 crore, according to provisional data from the National Stock Exchange. The domestic institutional investors stayed net buyers for the 11th straight session, as they mopped up equities worth Rs 6,675 crore.
Domestic Events To Watch For
The political battle ground will be steaming with the Bihar election's second phase commencing on Nov. 11, and going for counting on Nov. 14.
Bihar will see an electoral contest between the NDA and the Mahagathbandhan. NDA includes the BJP, JD(U), Lok Janshakti Party (Ram Vilas), Hindustani Awam Morcha (Secular) and Rashtriya Lok Morcha.
Mahagathbandhan includes RJD, Congress, Communist Party of India (Marxist-Leninist), Communist Party of India, Communist Party of India (Marxist) (CPM), and Mukesh Sahani's Vikasheel Insaan Party (VIP).
Earnings Block
The earnings season has entered into its final week as around 2,500 companies are scheduled to release their second quarter financial earnings in the coming week.
Vodafone Idea, Oil and Natural Gas Corporation, SJVN, Rail Vikas Nigam, Bharat Forge, Hindustan Aeronautics, IRCTC - Indian Railway Catering & Tourism Corp, Hero Motocorp, and Tata Motors Passenger Vehicles are among the marquee companies to post their September quarter results next week.
New Players On The D-Street
PhysicsWallah Ltd., Emmvee Photovoltaic Power Ltd., Tenneco Clean Air India Ltd. and Fujiyama Power Systems Ltd are the four mainboard initial public offers going to open for subscription.
Groww-parent Billionbrains Garage Ventures Ltd., Lenskart Solutions Ltd., and Pine Labs Ltd. listings will take place in this week.
Corporate Actions
Early in the week, corporate action picks up pace with Ajanta Pharma, Godfrey Phillips India, and Power Grid Corporation of India turning ex-dividend. On November 11, Astral, Chalet Hotels, Chambal Fertilisers & Chemicals, Garden Reach Shipbuilders & Engineers and Metropolis Healthcare go ex-dividend.
The action intensifies toward the end of the week, with headline names such as Amara Raja Energy & Mobility, Great Eastern Shipping, and Patanjali Foods declaring interim dividends.
Big corporate actions also include Infosys and GHCL going ex-date for their share buyback, while Oil & Natural Gas Corporation turns ex-dividend.
Global Cues
The week features the US Treasury’s 10-Year Note auction, following a previous yield of 4.117%. Markets then shift focus to the UK’s economic performance with the release of GDP data, where quarterly growth is expected at 0.2% versus the prior 0.3%, alongside year-on-year GDP and monthly GDP readings.
Attention then turns to the US inflation print, with releases of Core CPI, headline CPI, and annual CPI.
