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IT Stocks Outlook for the week – 15 to 19.06.2015 (IT companies are broadly seen positive next week)
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( www.rupeedesk.in )
Stock indices are seen extending losses as sentiment remains bearish after they ended at eight-month lows Thursday. According to provisional data on the National Stock Exchange website, foreign institutional investors net sold Indian stocks worth 6.23 bln rupees on Thursday.
The Fed (US Federal Reserve) meeting next week, bad earnings, rise in crude and weak rupee are all cumulatively weighing on the market. Some caution during the day is expected ahead of the industrial output data for April and headline inflation rate for May, which are due after market hours.
India's headline inflation rate, based on the new Consumer Price Index (Combined), is likely to inch up to 5.0% in May on the back of higher fuel and vegetable prices. Industrial production growth is likely to ease to 1.3% in April, despite a low base, due to poor core sector output, weak exports and manufacturing activity.
Among individual stocks, shares of Reliance Industries may be under pressure as the Bombay High Court Thursday refused the company's plea to restrain shareholders from making allegations, ranging from siphoning of funds to physical restraining of a shareholder, in company's annual general meeting.
Product approvals from US Food and Drug Administration for Lupin and Orchid Chemicals & Pharmaceuticals are set to take their shares higher.
( www.rupeedesk.in )
