Weekly Newsletter - Aug 7 2011

Global events clearly overwhelmed the Indian markets. We didn’t fall as much as US and European markets did but still the fall was quite steep. The carnage was sparked by disappointing economic reports from various parts of the world. But, markets were particularly concerned about the signals coming out of the US. Even the clinching of the crucial US debt ceiling deal failed to lift the gloom.




Eurozone was also back in the limelight amid rising Italian and Spanish bond yields. ECB chairman’s statements and its move to resume bond purchases of only Portugal and Ireland also had an impact.

Going ahead, the US jobs data on Friday will be very important. For the coming week, one must keep an eye on the Fed policy meet and Chinese data.

Sentiment for India will continue to be driven by overseas markets in the near term. Trend in fund flows will also be important. Policy action from the Centre or lack of it may also have a role to play. IIP data will be another key moniterable aside from results from a few top companies.

Key Results Next Week: EIH, L&T, M&M, PTC, Tata Chemical, ABB, GMR Infra, GSPL, Mahindra Satyam, UB, Adani, Bharat Forge, FT, GSK Pharma, IOC, NHPC, REC, Tata Power, Apollo Tyres, Rinfra, Rpower, Renuka Sugars, Tata Motors, BPCL, Coal India, Fortis, Apollo Hospitals, Hindalco, HPCL, HDIL, Jaiprakash Associates, Jaypee Infratech, NALCO, Pipavav Shipyard, Tata Steel, Tech Mahindra, Unitech and Videocon.

Also watch for Coal India as it enters the BSE Sensex from Monday.