The week gone by was largely moved on the back of momentum in crude oil prices and a falling rupee sentiments. Petrol prices in the metro cities rose for the 12 successive day on Friday, however, consumers can expect some relief in the coming days since global crude oil price eased.
Shares of Oil Marketing Companies plunged to 52-week lows, however, oil companies share rallied sharply on Friday, as crude oil prices dropped. Shares of ONGC (Oil and Natural Gas Corporation Limited) fell on Wednesday and Thursday, but on Friday it recovered by over 4 percent on reports that there may be windfall tax gains on ONGC.
Shares in Multi Commodity Exchange of India Limited (MCX) rallied sharply on media reports of a merger plan with the National Stock Exchange (NSE).
Earnings of Tech Mahindra Limited beat street estimates, with net profit rising 29.6% sequentially. Pharma major Sun Pharmaceutical Industries Ltd’s earnings also was ahead of analyst estimates with profit rising 7% compared to year-ago.
Bank of Baroda on Friday reported a loss of Rs 3,102 crores, for the 3-months to March 2018 as bad debts continued to accumulate and provisions almost doubled.
In the Coming week, markets are likely to be highly volatile, based on the Future and Options (F&O) expiry on Thursday. FPIs continue to sell Indian stocks and have sold for five consecutive sessions through the week.
Among corporate earnings, India’s largest energy conglomerate NTPC Limited will announce Jan-March 2018 results on Monday, 28 May 2018 while Bharat Petroleum Corporation Limited (BPCL) and Coal India Limited will announce January-March 2018 results on Tuesday, 29 May 2018.