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Market Outlook for the coming week – 17 JUNE 2017

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Market Outlook for the coming week!

Ø Macroeconomic data, progress of monsoon rains, trend in global markets, investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs), the movement of rupee against the dollar and crude oil price movement will dictate trend on the bourses in week ahead. The market may remain range bound and watch for the global cues amid lack of major domestic triggers.

Ø The progress of monsoon rains will be closely watched. Indian Meteorological Department (IMD) on June 06, had raised the forecast of seasonal rainfall by 2%  points over its earlier forecast in April of 96% of long term average.

Ø Meanwhile, many public offers are lined up next week. Central Depository Services (India) (CDSL) is coming up with an initial public offering (IPO) of up to 3.51 crore shares. The company has fixed price band of Rs145 to Rs149 per equity share. The IPO will open for subscription on June 19, 2017 and closes on June 21, 2017. CDSL was set up with the objective of providing convenient, dependable and secure depository services at affordable cost to all market participants.

Ø Eris Lifesciences’ IPO of up to 2.88 crore shares will close on June 20, 2017. The price band of the IPO has been fixed at Rs600 to Rs603 per share. The IPO opened on June 16, 2017. Eris Lifesciences founded by Amit Bakshi and team in 2007 is one of the fastest growing companies within the chronic and acute categories of the Indian branded formulations market such as: cardiovascular; anti–diabetes; vitamins; gastroenterology and gynaecology.

Ø GTPL Hathway is coming up with an initial public offering comprising of fresh issue of aggregating up to Rs300 crore and an offer for sale of up to 1.8 crore shares. The price band of the IPO has been fixed at Rs167 to Rs170 per share. The IPO will open on June 21, 2017 and close on June 23, 2017. GTPL Hathway is India’s leading cable TV distribution company reaching an estimated 8 million households in over 169 cities across 10 states in India with presence in Maharashtra, Gujarat, Rajasthan, West Bengal, Jharkhand, Bihar, Madhya Pradesh, Andhra Pradesh, Telangana and Assam.

Ø On the global front, the non-monetary policy meeting of the governing council of the European Central Bank (ECB) will be held in Frankfurt on June 21, 2017. The general council meeting of the ECB will be held in Frankfurt on June 22, 2017.

Ø The data on Nikkei Flash Japan Manufacturing Purchasing Managers’ Index (PMI), IHS Markit Flash France Composite PMI, IHS Markit Flash Germany Composite PMI, IHS Markit Flash Eurozone Composite PMI and IHS Markit Flash US Composite PMI, the preliminary surveys indicating health of the manufacturing and services sectors in the respective regions for June will be announced on June 23, 2017.

Ø The data on existing home sales tally for June, the number of previously constructed homes, condominiums and co-ops in which a sale closed during the month in US will be announced on Wednesday, 21 June 2017. New home sales data for May, measuring the number of newly constructed homes with a committed sale during the month in US will be unveiled on June 23, 2017.

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