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Top three events to watch this week for market direction
Updated on 8 April 2018
The year 2017
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Top three events to watch this week for market direction

Indian stock benchmarks logged decent gains in the week gone by, as Sensex and Nifty went home with 2 per cent rise each. On Friday, the equities settled on a flat note. The 30-share BSE Sensex added just 30 points to close at 33,626.97, while NSE Nifty50 shut shop at 10,331.60, up 6 points.

Among key highlights, the RBI surprised markets by lowering inflation projection and increasing GDP growth forecast in its first bimonthly monetary policy review for FY19. The projected CPI inflation for 2018-19 has been revised to 4.7-5.1 per cent in H1 2018-19 and 4.4 per cent in H2. The GDP growth projection has been strengthened to 7.4 per cent in 2018-19.

Top three events to watch for this week

Earnings season
India Inc will start releasing March quarter numbers this week. IT major Infosys will declare its March quarter results on Friday. Kotak Securities in its research report said that the fourth quarter will be better for IT companies than the March 2017 quarter. Depreciation of US dollar against other currencies will provide cross-currency tailwind of 60-130 bps and 20-50 bps for margins.

VST Industries and Reliance Industrial Infrastructure are slated to announce their numbers on Thursday.

Macro data
The government will announce industrial production data for February on Thursday. Industrial production growth rose higher than expected to 7.5 per cent in January from 7.1 per cent in the previous month. Inflation data based on consumer price index (CPI) for March 2018 is also slated to release on April 12. The retail inflation dipped to 4.44 per cent in February from 5.1 per cent in the previous month.

Global trade war
Rising trade tensions between the US and China will keep investors on the edge. China's official news agency Xinhua said on Saturday that US "waywardness" in its tit-for-tat tariff exchange will only end in defeat. China's state media has rallied against the United States warning its trade protectionism actions would end in defeat and that the only option now was to hit the United States hard enough so it will "remember the pain.

China warned on Friday it was ready with a "fierce counter strike" of fresh trade measures if the United States follows through on President Donald Trump's threat to slap tariffs on an additional $100 billion of Chinese goods. On Wednesday, China imposed $3 billion of tariffs on US fruits, nuts, wine and pork, just hours after the Trump administration proposed duties on some 1,300 Chinese industrial, technology, transport and medical products.