Metal Stocks Outlook for the week – 03 to 07.04.2017
Metal Stocks Outlook for the week – 03 to 07.04.2017
( www.rupeedesk.in )
Stocks of metal and mining companies are likely to stay in a narrow range next week in the absence of triggers, even as the underlying momentum remains positive. These companies ended mixed this week, with Hindustan Zinc losing close to 11% on going ex-dividend. Hindustan Zinc ended lower this week after gaining 15% in two weeks. The broader market, too, is expected to consolidate next week even as it focuses on monthly automobile sales numbers and the Reserve Bank of India's monetary policy. Keeping the positive momentum intact for stocks of metal and mining companies will be the recent manufacturing data from China for March, which showed a growth in the economy. Expectation of further capacity cuts from the world's second largest economy could also keep the sentiment strong for local producers, as it will help maintain a floor for product prices. Over the medium term, the local government's thrust on infrastructure is also seen helping demand revive. On technical charts, shares of Vedanta are seen extending gains. The stock has ended higher for the third week in a row last trading day, and also tested its highest level in over 30 months. On Thursday, the company approved an interim dividend of 17.70 rupees per share. This week, the stock is seen rising up to 290 rupees. Hindalco Industries is also seen performing well next week. The stock ended flat this week, but is seen rising up to 210 rupees next week.
Source : Cogencis Information Services Ltd.
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Metal Stocks Outlook for the week – 03 to 07.04.2017
( www.rupeedesk.in )
Stocks of metal and mining companies are likely to stay in a narrow range next week in the absence of triggers, even as the underlying momentum remains positive. These companies ended mixed this week, with Hindustan Zinc losing close to 11% on going ex-dividend. Hindustan Zinc ended lower this week after gaining 15% in two weeks. The broader market, too, is expected to consolidate next week even as it focuses on monthly automobile sales numbers and the Reserve Bank of India's monetary policy. Keeping the positive momentum intact for stocks of metal and mining companies will be the recent manufacturing data from China for March, which showed a growth in the economy. Expectation of further capacity cuts from the world's second largest economy could also keep the sentiment strong for local producers, as it will help maintain a floor for product prices. Over the medium term, the local government's thrust on infrastructure is also seen helping demand revive. On technical charts, shares of Vedanta are seen extending gains. The stock has ended higher for the third week in a row last trading day, and also tested its highest level in over 30 months. On Thursday, the company approved an interim dividend of 17.70 rupees per share. This week, the stock is seen rising up to 290 rupees. Hindalco Industries is also seen performing well next week. The stock ended flat this week, but is seen rising up to 210 rupees next week.
Source : Cogencis Information Services Ltd.
