All eyes will be on the LIC listing due on May 17. Besides the last leg of financial results, wholesale inflation data and three new IPOs will take centre stage on Dalal Street during the week.
Corporate earnings, the market debut of Life Insurance Corporation (LIC) shares and foreign fund flows will be in focus on Dalal Street this week. Globally, a slew of scheduled speeches by central bankers, and news updates on the Russia-Ukraine war and rising COVID infections in parts of the world will be on investors' radar.
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The week that was
Indian equity benchmarks fell for a second straight week amid a market-wide sell-off, with metal and PSU banking stocks being the biggest drags. Both headline indices fell nearly four percent.
The Nifty50 shed 629.1 points for the week to settle at 15,782.2 and the Sensex lost 2,042 points to 52,793.6.
Concerns about aggressive rate hikes amid worsening inflation and receding global growth amid lockdowns in China kept investors on the back foot globally.
Broader indices suffered deeper cuts than the headline indices. For the midcap index, it was the worst week since May 2020.
|Index||Weekly change (%)|
A total of 43 Nifty stocks finished the week below the flatline.
Bajaj Auto, Eicher and Divi's were among the few blue-chip gainers.
The road ahead
Given the volatility in the market, investors prefer defensive sectors such as IT and pharma supported by the weakening rupee. Going ahead, the major determinant for market direction would be the pace of decline in inflation in response to Fed measures," said Vinod Nair, Head of Research at Geojit Financial Services.
Here are the key factors and events that are likely to influence Dalal Street in the week beginning May 16:
|May 16||Fed official John Williams due to speak||China factory output data, China retail sales data|
|May 17||Fed Chair Jerome Powell and officials James Bullard and Patrick Harker to speak, retail sales data, factory output data||UK unemployment data, Eurozone GDP data, ECB President Christine Lagarde due to speak|
|May 18||Fed officials Loretta Mester and Charles Evans to speak, crude oil stockpiles data||UK inflation data, ECB non-monetary policy meeting, Eurozone inflation data||Japan GDP data, Japan factory output data|
|May 19||Patrick Harker due to speak, jobless claims data||Eurozone construction output||Hong Kong unemployment reading|
|May 20||UK retail sales data, BoE Chief Economist Huw Pill due to speak, Eurozone consumer confidence data||Japan inflation data|
Official data on wholesale inflation in the country is due on Tuesday, May 17.
On Monday, the market will react to the financial results of Tech Mahindra, Bank of Baroda and Eicher Motors, released after the closing bell on Friday.
Investors will track the last leg of the earnings season closely for direction. Here are a few noteworthy financial results due this week:
|Bharat Forge, VIP Industries, Century Plyboards, MCX, Nav Bharat Ventures, Raymond||May 16|
|Bharti Airtel, Indian Oil, DLF, Dr Lal, Zydus Wellness, EID Parry, GMR Infra, PI Industries, Abbot India, Bajaj Electrical, Bajaj Healthcare, Kajaria Ceramics||May 17|
|ITC, IGL, Lupin, Pidilite, Manappuram, Teamlease, Barbeque Nation, Granules, Indian Overseas Bank||May 18|
|Godrej Consumer, Ashok Leyland, HPCL, V-Guard Industries, Bosch, Container Corporation, Dhanlaxmi Bank||May 19|
|Indiabulls Housing Finance, IDFC, Indigo Paints, Amara Raja Batteries, Pfizer, Sobha, Narayana Hrudayalaya, Thermax||May 20|
State-run life insurer LIC's shares are all set to make a debut in the secondary market on May 17.
Three initial public offers (IPOs) will hit the Street during the week:
|Paradeep Phosphates||Rs 1,500 crore||May 17|
|Ethos||Rs 472 crore||May 18|
|eMudhra||Rs 413 crore||May 20|
Institutional money flows will remain in the spotlight, as foreign investors remain net sellers and domestic investors net buyers of shares.
Last week, foreign institutional investors (FIIs) net sold Indian shares worth Rs 19,967.6 crore and domestic institutional investors (DIIs) made net purchases worth Rs 18,202.1 crore, according to provisional exchange data.
|Company||Ex date||Purpose||Record date|
|Great Eastern Shipping||May 17||Interim dividend Rs 5.4||May 18|
|Mindspace Business Parks REIT||May 17||Income distribution RITES||May 18|
|Avantel||May 18||Final dividend Rs 4||May 19|
|Garment Mantra Lifestyle||May 18||Stock split from Rs 10 to Re 1||May 19|
|Jet Freight Logistics||May 19||Stock split from Rs 10 to Rs 5||May 20|
|Sindhu Trade Links||May 19||Bonus issue 2:1||May 21|
|Taneja Aerospace & Aviation||May 19||Interim dividend||May 21|
|Thinkink Picturez||May 19||Interim dividend Re 0.1||May 20|
|Kewal Kiran Clothing||May 20||Interim dividend Rs 5||May 23|
|La Tim Metal & Industries||May 20||Stock split from Rs 10 to Re 1||May 23|
|Trent||May 20||Final dividend Re 1.1||May 23|