Quarterly results and global trends expected to influence stock markets
Quarterly earnings of several blue-chip companies including Infosys and Reliance Industries, global trends and trading activity of foreign investors would be the key determinants of stock market movement in a holiday-shortened week ahead, analysts said.
Domestic wholesale inflation data for June, due on Monday, will also influence trader sentiment, traders said.
Markets will remain closed on Wednesday for Muharram.
Among the key quarterly results to watch this week are those from HDFC Life Insurance Company, Bajaj Auto, BPCL, JSW Steel, Asian Paints, Infosys and Reliance Industries.
“First quarter results will be in focus this week as many companies including heavyweights Infosys and Reliance are set to report their results. Also, pre-budget discussions are likely to add to market volatility,” said Santosh Meena, head of research at Swastika Investmart Ltd. On the global front, the focus will be on China. The country is expected to announce its GDP and industrial production (IIP) numbers, Meena said.
“Other global factors to watch include the US Federal Reserve chairman’s speech, US retail sales figures and macroeconomic data from Japan,” he added.
Meanwhile, IT services firm HCL Tech on Friday reported a 20.4 per cent rise in its consolidated net profit at Rs 4,257 crore for the quarter ended June and gave a revenue growth forecast of 3-5 per cent for FY25 on the back of GenAI diversification and strong operational execution.
“On Monday, markets will react to the inflation data from India. Key performers this week include Jio Financial Services, HDFC Life, Asian Paints, LTIMindtree, Infosys, Wipro, JSW Steel, Paytm, etc. Globally, investors will also take cues from China GDP numbers, US retail sales fundamentals and the ECB (European Central Bank) interest rate decision,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd.
Retail inflation hit a four-month high of 5.08 percent in June as food items, including vegetables, became more expensive, government data showed Friday.
Vinod Nair, Head of Research at Geojit Financial Services, said, “We expect equity-specific moves to gain traction due to the ongoing earnings season; IT will be in the spotlight due to the strong start to earnings and outlook.” In the coming week, economic data like China GDP, Eurozone CPI inflation, ECB policy and US Fed Chairman’s speech will be watched by investors for clues on market dynamics, Nair added.
On a weekly basis, the benchmark BSE index jumped 522.74 points, or 0.65 per cent, while the Nifty climbed 178.3 points, or 0.73 per cent.
The 30-share BSE Sensex jumped 622 points, or 0.78 per cent, to close at a record high of 80,519.34 on Friday. During the day, it climbed 996.17 points, or 1.24 per cent, to hit an all-time high of 80,893.51.
The NSE Nifty index jumped 186.20 points, or 0.77 per cent, to close at a record high of 24,502.15 points. In the afternoon, it jumped 276.25 points, or 1.13 per cent, to hit a new all-time high of 24,592.20 points.
(Disclaimer: With contributions from agencies.)
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