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Pharma Stocks Outlook for the week – 20 to 24.07.2015
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After gaining 3% this week and hitting three-month highs, stock indices are seen consolidating next week. Any decisive move on the upside will depend on global developments, monsoon session of Parliament and corporate earnings announcements.
This week, positive sentiment after the Iran nuclear deal and Greece Parliamentary vote accepting austerity measures took indices to higher levels, with the National Stock Exchange's Nifty reclaiming the 8600-point mark.
However, domestic equities ended yesterday session on a flat note, in the absence of any major
triggers and as traders turned cautious ahead of Germany's Parliament vote on Greece's bailout
package.
After market hours yesterday, the German Parliament voted in favour of starting negotiations on the third bailout for Greece.
Market participants expect activity to be stock-specific in the coming week but indices are not likely to see any major downside either.
The provisional trading activity data of FIIs corroborates the fact that the underlying sentiment
remains positive. According to provisional data on the NSE website, FIIs net bought Indian shares worth 6.05 bln rupees on the BSE, NSE, and Metropolitan Stock Exchange combined, and domestic Institutional investors net sold shares worth 1.75 bln rupees.
On the earnings front, 13 Nifty constituents--UltraTech Cement, Asian Paints, Cairn India, HDFC Bank, Hindustan Unilever, Idea Cellular, Infosys, Bajaj Auto, GAIL India, Lupin, Wipro, Axis Bank and Reliance Industries—will detail Apr-Jun earnings.
Federal Bank, Hindustan Zinc, Kitex Garments, LIC Housing Finance, Eicher Motors, Bharti
Infratel, CEAT and L&T Finance Holdings will also report numbers for the quarter ended June.
