After largely bearish trade in the week-ended Friday, the key Indian equity indices would be driven by corporate earnings, futures and options (F&O) expiry and the rupee movement in the week ahead, analysts said. The proceedings of the ongoing monsoon session of parliament are also likely to impact the market. Further, analysts feel the result of Friday’s no-confidence motion in Parliament, which the government comfortably won, is likely to support investor sentiments in the week ahead. “Earnings season will pick up pace in the coming week, where the expectations are high. Any revival in earnings growth will provide the scope for re-rating in valuation,” said Vinod Nair, Head of Research at Geojit Financial Services. According to Delta Global Partners’ Principal Partner, Devendra Nevgi, the markets would look forward to earnings releases, particularly of HDFC Bank, ITC, Bharti Airtel and Dr Reddy’s Lab. “The outcome of the no-confidence motion against the ruling governm...
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MUMBAI – India’s rupee slipped to its weakest in more than 18 months on Wednesday, hit by higher oil prices and trade war concerns that could spark another bout of capital outflows for Asia’s third-largest economy. The rupee fell to 68.68 to the dollar on Wednesday, its lowest since Nov. 29, 2016, making it a 0.62 percent decline so far in the day from its previous close of 68.25. High oil prices will stoke inflation and widen the country’s current account deficit, adding to more selling pressure on the fragile rupee that risks destabilising the broader economy. India imports more than two-thirds of its crude requirements. Brent crude was up 30 cents a barrel at $76.61 by 0800 GMT. U.S. light crude was 25 cents higher at $70.78. “If the rupee continues to depreciate, it could trigger dollar outflows from the equity market, which can put pressure on the currency, current account deficit and could even push the balance of payments to a deficit,” said Sajal Gupta, head of f...