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In the first quarter, record refining margins were wiped away by losses booked on not revising petrol and diesel prices daily in line with cost. While the difference between cost and retail selling price of petrol and diesel has narrowed, refining margins have fallen in the second quarter (July-September), worsening finances of the three firms.

Nifty is likely to head higher in next week since the Q2 results season starts kicking in from Monday. IT results are likely to be good since the revenue growth for IT was good in Q2 and the currency also has provided some tailwind.Banking results are likely to be very good, assisted by impressive credit growth and improving asset quality. The market would respond to the good results.

For the fiscal ended March 31, 2018 the operating revenue of company, which sells a range of vehicles including popular SUVs Creta and Venue along with hatchback and sedans such as Grandi10 NIOS, i20 and Verna, was at Rs 39,208.9 crore, as per Tofler data.

"With the pick-up in government expenditure on the back of higher GST and direct tax collections, growth is expected to accelerate. This has led to positive stance by FPIs on Indian markets," said Anita Gandhi, Whole Time Director and Head, Institutional Business at Arihant Capital.

The week before the previous week had seen Nifty bouncing off from the 20-week MA which stands at 16,854. It had halted its move near the 50-week MA. This week, it moved above that level as well. The 50-week MA positions itself at 17,084.

Kotak expects net income of automobiles (improvement in chip availability), banks (strong loan growth, NIM expansion and a sharp decline in loan-loss provisions) and diversified financials (accelerating loan growth) to increase sharply on a YoY basis.

Whereas Jubilant Ingrevia is well placed to capitalize on long-term growth opportunities given by the 60 new products pipeline, strong traction in CDMO, import substitution, China+1 policy and commensurate Capex outlay of Rs 20.5bn over FY22-25, said the brokerage.

Following its impressive show in Q2 business update, Titan shares ended 5.2% higher on Friday and closed a tad below its lifetime closing high. “We believe the stock will surpass its lifetime high of Rs 2,768 and explore uncharted territory, which could take it towards Rs 3,000,” says Jatin Gohil, Technical and Derivative Research Analyst at Reliance Securities, in this interview with ETMarkets. Edited excerpts:

The second largest cryptocurrency, Ethereum, has been changing hands above the $1,300 level. Ethereum has been experiencing the heat of macroeconomic factors post the Merge. If Ethereum can close the week by trading above the $1,400 level, we might see an upward trend in the coming week.

The indicator is a measure of the difference between a company’s fixed and variable costs. It can turn negative in the wake of peak inflation when some of a company’s costs remain high but isn’t able to offset them by raising prices because demand has faltered.