Home >market >stock-market-news >Q1 earnings, Trump-Putin meet key for Indian markets this week

Mumbai: After touching record highs, the markets are likely to watch out corporate earnings and global developments including US President Donald Trump’s trade policies and his meeting with Russian President Vladimir Putin this week. In a major global event, Trump and Putin are to meet in Helsinki on 16 July for their first summit meeting. Trump said in the interview that “nothing bad" would come from the summit, and listed his recent meetings with North Korea’s Kim Jong Un and China’s Xi Jinping.

Trump said he may ask Putin to extradite 12 Russian intelligence agents indicted on Friday for hacking Democratic email accounts during the 2016 campaign, and said he has “low expectations" for his summit Monday with the Russian leader.

Another major global event that may impact financial markets this week is the testimony by Fed Chairman Jerome Powell. Powell will testify before congressional panels on the economy and monetary policy.

Back home, Wipro, Hindustan Unilever, Kotak Mahindra Bank, HDFC Bank, Bajaj Auto, UltraTech Cement, Bandhan Bank, Reliance Communications and L&T Finance are among few companies which will announce their June quarter earnings this week.

Infosys stock is likely to be in focus on Monday after it posted June quarter results on Friday. The country’s second-largest software services major Infosys today saw 3.7% growth in consolidated net profit at 3,612 crore for the quarter ended on June 30, 2018, compared to a net profit of 3,483 crore in the year-ago period. Infosys has maintained revenue growth outlook at 6-8% in constant currency for fiscal 2019.

“The result season has just begun. Currently, market is in a state of wait and watch. However, it seems that the mood of the market is on the improving trajectory given the way markets have responded to new IPO listings, post IPOs prices have slowly moved higher which suggests that the sentiments are still nascent and there is room for improvement, otherwise during hysteria new IPOs listings go crazy. Stock prices are expected to move higher and gain momentum as the result season unfolds," said Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote.

In primary markets initial public offering (IPO) of TCNS Clothing Co. Ltd will open for subscription from 18-20 July with a price band of of 714-716. The owner of women’s apparel brands W, Aurelia and Wishful aims to raise 1,125 crore through the share sale.

Meanwhile, the government will release wholesale price inflation (WPI) data for June 2018 on Monday. Wholesale inflation had accelerated to a 14-month high in May.

Bloomberg contributed to the story

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