Indian stock markets are poised for an exciting, extended trading week starting from Monday, culminating with Muhurat trading on Sunday (October 30). A lot that happened last week would reflect in next week's share price movements of select companies such as Wipro, Bharti Airtel, Idea Cellular, Axis Bank, ICICI Bank and Reliance Industries Limited (RIL).
Investors' reaction to the September quarter results of Wipro will be seen on Monday morning since the company declared its results on Friday after trading hours. The 7.6 percent fall in consolidated net profit year-on-year and muted December quarter IT services revenue guidance are likely to weigh in on the share price.
ICICI Bank and Axis Bank are expected to rally on news that the two private sector lenders got about $450 million in debt repayment from Essar Group, easing their bad loan portfolio. The two lenders have an approximate exposure of $1.5 billion to the Group.
Cigarette stocks such as ITC and Godfrey Phillips will be keenly watched after the $47 billion offer made by British American Tobacco to acquire 52 percent stake in American cigarette maker Reynolds, making it a wholly-owned subsidiary.
The Telecom Regulatory Authority of India (TRAI) recommended a combined fine of Rs 3,050 crore on service providers Idea Cellular and Bharti Airtel, along with the Indian subsidiary of Vodafone, for denying sufficient interconnect points to Reliance Jio, the telecom arm of Mukesh Ambani-controlled Reliance Industries Limited (RIL).
Axis Bank, Adani Power, Adani Transmission, GSFC, Idea Cellular and Reliance Capital are among the prominent companies that will be declaring its Q2 results on Monday.
The BSE Sensex closed at 28,077 on Friday while the NSE Nifty ended at 8,693. Foreign institutional investors (FIIs) were net sellers on three of the five trading days last week.
