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Earnings, global cues to decide market direction next week

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The Street could watch out for reactions to March quarter numbers of Nifty companies. HDFC Bank will announce its Q4 earnings on Saturday, while Bharti Infratel, LIC Housing Finance and Reliance Infrastructure will announce their results on Monday. Bharti Airtel and IDFC Bank will announce results on Tuesday.

Ultratech Cement and Wipro are scheduled to follow on Wednesday, while Axis Bank, Biocon and Yes Bank will announce their March quarter numbers on Thursday. IDFC and Maruti Suzuki India will declare their results on Friday.

On the macro front, the movement of the rupee against the dollar and crude oil prices will be monitored keenly as the market will react to the outcome of OPEC and non-OPEC countries' meeting. Brent crude moved closer to the USD 74 per barrel mark last week.
A spike in oil prices raises India's import bill as the country imports majority of its crude requirements. A weak rupee raises the cost of importing crude oil. The Indian rupee hit a 13-month low of 66.10 against the US dollar on April 20, after the minutes of the monetary policy panel meeting suggested that they were likely to take a more hawkish tone starting as early as June.

Globally, Germany Manufacturing Purchasing Managers Index (PMI) data for April, and US existing home sales data for March will be disclosed on Monday. US Consumer Confidence data for April and US new home sales data for March will follow on Tuesday.

Bank of Japan's (BoJ) monetary policy statement and outlook report will be released on Friday. First quarter GDP data in the US and the UK will also be made public on Friday.

Next week's trend will be decided on the basis of quarterly earnings and trends in global markets.

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