Next batch of Q4 results will set the tone

Global cues may continue to guide the domestic market. The focus also remains on the fourth quarter results. The results announced so far have been fairly encouraging. The combined net profit of a total of 603 companies rose 29% to Rs 31966 crore on 34.4% rise in sales to Rs 284361 crore in the quarter ended March 2010 over the quarter ended March 2009.
HDFC will announce its Q4 result on Monday, 3 May 2010. Among other key results next week include Cipla, Idea Cellular, Jindal Steel & Power, Lupin, Punjab National Bank and Dr. Reddy's Laboratories, and JSW Steel.
Reliance Industries (RIL) and Reliance Natural Resources (RNRL) will be in focus as the Supreme Court is expected to pronounce its verdict on the sale of natural gas by Reliance Industries (RIL) to Reliance Natural Resources (RNRL) shortly. The final judgement may impact the fortunes of two of India's largest business groups.
Auto, cement and steel companies will be in focus as they will announce the sales figures for the month of April 2010.
On the macro front, the HSBC Markit Purchasing Managers' Index which will give indication of the performance of manufacturing sector for April 2010 will be watched. Also, the HSBC Markit Business Activity Index for April 2010 will give indication about the performance of the services sector in April 2010.
Export-Import figures for the month of March 2010 will be announced by the government next week.
The government is slated to announce industrial output data for the month of March 2010 on 12 May 2010. Industrial output rose by lower than expected 15.1% February 2010 and also lower than 16.7% rise in January 2010.
On the global front, investors are awaiting details of the measures from the European Union and the International Monetary Fund to tackle the debt crisis in Greece and prevent contagion into other regions. On Thursday, 6 May 2010, both the Bank of England (BoE) and the European Central Bank hold regular policy meeting for interest rates.