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The last week's rally was led by government initiatives of hiking gas prices. This week, benchmarks as well as broader markets shut the shop with around 0.5 percent gains. So, which stocks are likely to be in focus next week?
Indian market saw a second straight positive weekly close on Friday. The last week's rally was led by government initiatives of hiking gas prices. This week, benchmarks as well as broader markets shut the shop with around 0.5 percent gains.
Meanwhile, the US markets ended the week on a cheerful note, with a gain of almost a percent, after a strong jobs report indicating an improving US economy. The jobs report pushed the US 10-year above 2.70 percent. The dollar index too regained strength.
So, which stocks are likely to be in focus next week?
As India Inc gears up for April-June quarter earnings, brokerages paint a gloomy picture. They say a depreciating rupee will inflate corporate debt and hurt profitability. They project a sluggish 3-5 percent earnings growth for most companies. Brokerages are also warning that the upcoming earnings season, which begins on the July 10 with IndusInd Bank's numbers, will not lay the groundwork for a blockbuster recovery as the year goes on.
Raamdeo Agrawal, Joint MD, Motilal Oswal Financial Services says, “There is not much to be expected from earnings. It is going to be very muted like what happened in the last quarter.”
IT major Infosys is expected to announce first quarter earnings on July 12. . Earnings will be closely watched by the market after Nayaran Murthy joined the company as executive chairman as the company has disappointed the street with its performance for several quarters now.
With hopes to retire debt by as much as Rs 22,000 crore over the next one year Anil Ambani's telecom business is gearing up for another round of fund raising to retire its estimated Rs 37000 crore debt. Rel Comm told the stock exchanges that a board meeting on the July 7 will consider unlocking value in its real estate properties.
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