Hyundai Motor IPO, RIL Q2 Results, September Inflation Print — The Week Ahead
RIL, HCL Technologies Ltd., Bajaj Auto Ltd., L&T Technology Services Ltd., Infosys Ltd. among others are scheduled to announce their second quarter earnings in the coming week.
Indian equity markets will be influenced by multiple domestic developments, including quarterly earnings of Reliance Industries Ltd., the beginning of Hyundai Motor India Ltd.'s IPO, and key global indicators like the announcement of US jobless claims and industrial production data.
On Oct. 13, NASA and SpaceX are preparing for the splashdown of the ISS Crew-8 mission.
IPOs And Key Levels To Watch
During the week, the primary markets will be focused on the one main board issue and public offerings bought out by two small and medium-sized firms.
The 50-day exponential moving average has been a significant barrier for Nifty 50 in the short term, positioned around 25,050-25,080, and a decisive breakthrough above this level would be instrumental in accelerating the bullish momentum towards higher levels, according to Osho Krishan, senior analyst, technical and derivatives at Angel One Ltd.
Osho Krishan said that the intermediate resistance zone for NSE Nifty 50 is centred around 25,250-25,300, aligning with the 20-day exponential moving average. "A strong breakthrough at this level could potentially trigger the next phase of the rally from a positional perspective," he added.
"At the lower end, the recent low of 24,800-24,700 for Nifty 50 is expected to offer robust support and mitigate any potential setbacks," he said.
Domestic Cues
Major companies are preparing to announce their second quarter results as the earnings season begins.
Reliance Industries Ltd., HCL Technologies Ltd., Bajaj Auto Ltd., L&T Technology Services Ltd., Infosys Ltd., and Axis Bank Ltd., among others, are scheduled to announce their second quarter earnings in the coming week.
Retail inflation figures as well as wholesale inflation numbers for September will be released on Oct. 10. The release of economic data, including trade figures from India, will occur on Oct. 15.
On Oct. 17, the Governor of the Reserve Bank of India, Shaktikanta Das, will hold a fireside chat at the Bloomberg-hosted India Credit Forum in Mumbai.
Global Cues
In the upcoming week, Fed Governor Christopher Waller will discuss the economic outlook at Stanford, California, and the US will announce its retail sales, jobless claims, industrial production, and business inventories data.
The G7 ministerial meeting on defense is taking place in Naples and will continue until Oct. 20.
Bloomberg editor-in-chief John Micklethwait at the Economic Club of Chicago will interview Republican presidential candidate Donald Trump. Since Oct. 14 is Columbus Day, a federal holiday in the US, bond markets will remain closed while stock markets are open.
The United Kingdom will release the latest data on jobless claims and unemployment on Oct. 15. The Organisation of the Petroleum Exporting Countries will present its monthly report on the oil market.
The World Health Summit will commence in Berlin on Oct. 13 and will run for three days while NASA and SpaceX are preparing for the splashdown of the ISS Crew-8 mission.
Primary Market Action
The primary markets seem to have a dull week ahead, with just one mainboard and two SME IPOs set to open for bid.
The shares of Hyundai Motor India Ltd. will open for subscription on the main board.
The Hyundai Motor India IPO might be the largest in the country since the Life Insurance Corp. of India’s offering a few years back. It is a pure offer-for-sale, with the South Korean parent company selling 14.2 crore shares to raise up to Rs 27,870 crore in a price range of Rs 1,865–1,960 apiece.
Lakshya Powertech Ltd. and Freshara Agro Exports Ltd. will be among the companies that will be receiving bids in the SME segment during the week.
Shares of Pranik Logistics Ltd. will list on the exchanges on Oct. 17, while those of Garuda Construction and Engineering Ltd. and Shiv Texchem Ltd. will list on the bourses on Oct. 15.
Corporate Action Ahead
NRB Bearings Ltd., Madhuveer Com 18 Network Ltd., Anand Rathi Wealth Ltd. and Tata Consultancy Services Ltd. will be the big names that have record dates for their interim or final dividends in the coming week.
Abans Enterprises Ltd. and Credent Global Finance Ltd. will undergo a stock split on Oct. 15, while Harshil Agrotech Ltd. will experience a stock split on Oct. 17.
