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Telecom Stocks Outlook for the week – 11 to 15.05.2015


Stock indices will take direction from developments in Parliament over key bills,
domestic economic data and corporate earnings next week. Although equities rebounded yesterday, we cannot get carried away with the recovery just yet as the gains have to besustained, which depends on factors such as progress of the Goods and Services Tax bill and the Land Acquisition bill, movement in crude oil prices, rupee and quarterly results. The Budget session of the Lok Sabha and the Rajya Sabha will conclude on May 13.
The indices ended up nearly 2% following formation of a panel by the government to
resolve Minimum Alternate Tax on foreign institutional investors’ issue. Appreciation of
the rupee, fall in crude oil prices and stabilisation of government bond prices globally
also aided gains.

Government's move to set up a high level committee to decide MAT issue could reduce
FII's concerns over the medium term. But the risks prevailing with Q4 (Jan-Mar earnings)
and outcome of key bills still remain. That the downtrend is not over yet is corroborated by the fact that foreign institutional investors remained net sellers even yesterday. On Monday, stock indices will take cues from global markets' reaction to the US non-farm payrolls data for April.

On Tuesday, the Central Statistics Office will release Consumer Price Index based
inflation data for April and Index of Industrial Production data for March.
Greece will also be in focus on Tuesday as the country has to pay back around 750 mln
euros of principal to the International Monetary Fund. On the earnings front, Dr Reddy's
Laboratories, Lupin and Bank of Baroda are the Nifty companies detailing Jan-Mar
earnings next week. We are positive on private bank, information technology and fast moving consumer goods shares next week while PSU banks are likely to extend losses.