Eye on RBI policy meet this week; bet on these 2 Nifty stocks for 7-10% returns

The central bank could leave policy rates unchanged but hawkish comments from the governor would be slightly supportive for the currency, says Akash Jain of Ajcon Global Services

Ajcon Global Services

On the domestic front, focus will now shift to this week's Monetary Policy Committee meeting. Expectation is that the central bank could hold rates unchanged, but hawkish comments from the governor would be slightly supportive for the currency.

Q1 FY19 results so far have been encouraging on a lower base due to Goods & Services Tax impact on earnings last year. In the coming week, around 450 companies will declare their corporate earnings. These include: Housing Development Finance Corporation (HDFC), Tata Motors, Oil & Natural GAs Corporation (ONGC), Tech Mahindra, Shree Cement, Axis Bank, Vedanta, UPL, Power Grid Corporation of India and Titan Company.

In the broader space, IDFC Bank, InterGlobe Aviation, Avenue Supermarts, Escorts, Idea Cellular, Central Bank of India, Godrej Consumer Products, IDFC, Dabur India, Bharat Electronics, Bank of India, Tata Global, Marico, Steel Authority of India and Wockhardt will announce earnings.

Investors will also keep an eye on macroeconomic data like India core infrastructure output for June, which will be released on Tuesday. India Nikkei Manufacturing Purchasers Managers' Index for July will be announced on Wednesday and Nikkei Services PMI for July on Friday.

India’s foreign exchange reserve for the week-ended July 27 and deposit and bank loan growth for the week-ended July 20 will also be released on Friday.

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