WEEKAHEAD: Flows, rupee key for Indian shares amid EM turmoil

Written by Reuters | Updated: Feb 1 2014, 02:02am hrs
Indian sharesIndian shares are expected to take cues from overseas investor flows and the rupee. Reuters
Indian shares are expected to take cues from overseas investor flows and the rupee after a U.S. Federal Reserve taper-induced emerging market rout led the indexes to mark their lowest levels since November on Thursday. * Foreign institutional investors bought Indian shares worth a net $85.4 million in January, the smallest amount since they sold $902.5 million in August, when the rupee was hitting record lows against the dollar, exchange and regulatory data as of Thursday shows. * Domestic shares have tumbled, marking a sharp turnaround since the BSE index posted a record closing high on Jan. 23, on the back of a rout in emerging markets and the Reserve Bank of India's unexpected hike in interest rates on Tuesday. * Advance GDP forecast for the current fiscal year will be watched with the government expecting 5 percent growth while private economists expect the numbers to come in below that. * The next week would also mark the final leg of large cap earnings. * Anil Ambani group stocks including Reliance Capital would be on watch ahead of earnings in second half of the week. * Ambuja Cements Ltd and ACC Ltd results on Thursday. KEY EVENTS/FACTORS TO WATCH Mon: Earnings of Lupin Ltd, India mobile spectrum sale begins, January Manufacturing PMI (0500GMT) Tues: Jubilant Foodworks Bharat Forge results Wed: Ranbaxy Laboratories Ltd, Power Grid Corporation of India results; Services PMI (0500GMT) Thu: Reliance Infrastructure Ltd, Ambuja Cements, ACC earnings Fri: Tata Power, Reliance Capital, Reliance Communications earnings; Govt to release advance GDP data for current fiscal year.