The next week will be the penultimate one for stock markets before the presentation on February 1 (Wednesday) of Budget 2017, the biggest trigger for that week. The trading week starting from Monday (January 23) will be guided mostly by Q3 results of Wipro, HDFC Bank, ICICI Prudential, HCL Technologies, Idea Cellular, to name a few. The BSE IPO opens next week.
The BSE Sensex closed 274 points lower at 27,034 on Friday while the NSE Nifty ended 85 points, or 1.02 percent, lower at 8,349.
Read: Tech Mahindra, HCL Tech likely to outperform Infosys, TCS and Wipro in revenue growth
FMCG company Hindustan Unilever Ltd. (HUL) and telecom service provider Idea Cellular will be declaring their December quarter (Q3) results on Monday, followed by private sector lender HDFC Bank, ICICI Prudential Life Insurance and Biocon will be announcing their third quarter financial performance the next day.
Wipro's Q3 results are scheduled for Wednesday (January 25). The company has fixed February 3, 2017 as the record date for the purpose of payment of interim dividend (if any). Its bigger rivals TCS and Infosys have already declared their Q3 results.
The protectionist streak in Donald Trump's speech after taking over as the 45th president of the US could adversely impact the share prices of IT companies in the backdrop of proposed stricter norms for grant of H-1B visas by the Trump administration.
In another significant development, Sheikh Mohamed bin Zayed Al Nahyan, Abu Dhabi crown prince and deputy supreme commander of the armed forces of the United Arab Emirates (UAE) will be arriving in New Delhi on Tuesday on a three-day state visit. He will be the chief guest at India's Republic Day celebrations on January 26.
The crown prince, accompanied by senior officials and businessmen, will also hold bilateral talks with Prime Minister Narendra Modi on topics of mutual interest, according to a briefing by India's external affairs ministry.
"The two countries have been amongst each other's top trading partners with a well-balanced bilateral trade of about $50 billion in 2015-16. UAE is among the top investors in India in terms of foreign direct investment. It contributes significantly to India's energy security and was the fifth largest supplier of crude oil to India in 2015-16.
"The 2.6 million strong and vibrant Indian community forms the largest expatriate group in UAE. Their positive and well-appreciated contribution in the development of the host country has been an important anchor of our excellent bilateral engagement," the spokesperson said at the weekly briefing of the ministry on Thursday.
