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Business News/ Market / Stock-market-news/  Markets likely to be positive on Emmanuel Macron’s French election win
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Markets likely to be positive on Emmanuel Macron’s French election win

In the week ahead, the markets are likely to consolidate further with focus on major earnings of March quarter

Major corporate earnings lined up this week are Bharti Airtel, Hero Motocorp, Dr Reddy’s Labs, ABB India, Bharti Infratel, Siemens, Zee Entertainment, Asian Paints, Glenmark, Titan, Future Retail and InterGlobe Aviation. Photo: MintPremium
Major corporate earnings lined up this week are Bharti Airtel, Hero Motocorp, Dr Reddy’s Labs, ABB India, Bharti Infratel, Siemens, Zee Entertainment, Asian Paints, Glenmark, Titan, Future Retail and InterGlobe Aviation. Photo: Mint

Mumbai: The markets are expected to be positive on Monday following global cues. After Emmanuel Macron’s victory in the French polls Asian shares are mostly higher. Macron defeated Marine Le Pen in the French presidential election on Sunday.

In the week ahead, the markets are likely to consolidate further with focus on major earnings of March quarter. Rakesh Tarway, head-research, Reliance Securities said, “We continue to believe markets would consolidate and also expect some correction."

Major corporate earnings lined up this week are Bharti Airtel, Hero Motocorp, Dr Reddy’s Labs, ABB India, Bharti Infratel, Siemens, Zee Entertainment, Asian Paints, Glenmark, Titan, Future Retail and InterGlobe Aviation.

Dipen Shah, senior vice president-private client group research, Kotak Securities Ltd said, “Going ahead, the remaining quarterly results will be watched carefully to confirm expectations of growth returning back to the economy. Further progress on the GST Bill in terms of finalisation of tax rates will be an important factor for the market."

ACC and Ambuja Cements will be in focus as board of directors of both companies have ‘initiated a study to explore possibility of a merger’ between them. However, a press statement by Ambuja Cement said “no decision to merge has been taken at this stage and the same will be considered by the board once a recommendation is received from the special committee of directors and audit committee."

In the primary market, the government will further its divestment plan in this financial year by initial public offer (IPO) of Housing and Urban Development Corporation (Hudco) which opens for subscription on 8 May, with a price band of Rs56-60 per share. The government is aiming to raise around Rs1,200 crore by selling 10.91% in Hudco. Hudco is engaged in wholesale funding, providing loans for housing and urban infrastructure projects. A major chunk of loans is offered to states and their agencies.

Textbook publisher S Chand and Co. will list its equity shares on 9 May. Priced between Rs660 and Rs670 apiece, the issue was subscribed 59.44 times.

Meanwhile, on macroeconomic front retail inflation or consumer price index for April and index of industrial production (IIP) or factory output data for March will be released on 12 May. March retail inflation had jumped to 3.81% from 3.65% in previous month. Factory output had slipped had hit four-month low in February, down 1.2% from an year-ago period.

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Published: 08 May 2017, 08:38 AM IST
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