RIL Q4 earnings to elections, top factors that may drive market today

The fourth quarter corporate earnings announcement by Reliance Industries and the beginning of the second phase of voting for the 2019 Lok Sabha polls are among the top factors likely to affect investor sentiment on Thursday, the final day of this truncated week. Oil-to-telecom conglomerate Reliance Industries (RIL) is expected to report weak refining earnings though its retail and petrochemical businesses are expected to partially offset the weakness in its March quarter results. RBL Bank and ICICI Lombard General Insurance Company will also announce their FY19Q4 results on Thursday. The second phase of voting for Lok Sabha 2019 polls is scheduled for Thursday in 95 constituencies across 12 states and union territories. Moreover, the Reserve Bank of India (RBI) will also release minutes of the Monetary Policy Committee meeting held earlier this month which led to a policy rate cut. Apart from these factors, investors will also track closely stock-specific action, movement of rupee against the US dollar, oil prices and FII inflows. GLOBAL CUES Asian shares were subdued on Thursday after a negative performance on Wall Street, with caution ahead of business surveys in Europe and Japan, and the Good Friday and Easter holidays keeping investors on the sidelines. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.08 per cent, trading just below its highest since late July 2018 brushed on Wednesday. Australian shares advanced a quarter of a per cent while Japan’s Nikkei was a shade lower. STOCKS TO WATCH FY19Q4 results: Reliance Industries, RBL Bank, ICICI Lombard General Insurance Company, DCB Bank, Andhra Pradesh Tanneries, Jay Bharat Maruti, among others Jet Airways has suspended operations after lenders turned down the airline’s demand for emergency funding.  Mindtree reported a 3.8 per cent growth in Q4 profit to Rs 198.4 crore while revenue rose 2.9 per cent to Rs 1,839.4 crore. Moreover, the company has recommended a final dividend of Rs 4 per share for FY19 and a special dividend of Rs 20 per share CRISIL announced FY19Q4 results on Wednesday where it reported a dip in profit. The company also fixed the interim dividend of Rs 6 per share. Reliance Industries has signed a deal with Mitsui OSK Lines (MOL) for a strategic stake sale in six very large ethane carriers (VLECs) ICICI Lombard General Insurance Company: ICRA has reaffirmed the iAAA rating to the company's claims-paying ability. Cadila Healthcare: Zydus has received final US FDA approval for Acetazolamide for injection.