Quarterly earnings, macro data, global trends to dictate market trends next week: Analysts

0
Want create site? Find Free WordPress Themes and plugins.

NEW DELHI, Oct 10 (PTI): Quarterly earnings from IT majors Infosys, Wipro and HCL Technologies, macroeconomic data and global trends would drive sentiments in the equity market in a holiday-shortened week ahead, analysts said.

Equity markets would remain closed on Friday for ‘Dussehra’.

“Infosys, Wipro and HCL Tech will come out with their numbers this week therefore we are going to see lots of volatility in the market, especially in the IT sector,” said Santosh Meena, head of Research, Swastika Investmart.

Along with corporate earnings, the market has to deal with macro numbers. Global factors will also play an important role in the direction of the market, he added.

Industrial production data and inflation rate are scheduled to come on Tuesday. WPI inflation data will be announced on Thursday.

According to a note by Samco Research, macro data on September CPI inflation, manufacturing and industrial production could dictate the index price for the majority of the week as markets continue to consolidate in their tight range.

Tata Consultancy Services (TCS) on Friday reported a 14.1 per cent rise in consolidated net profit to Rs 9,624 crore in the September 2021 quarter, aided by broad-based growth across geographies and verticals.

The company’s earnings came out after market hours on Friday.

“This week, domestic investors will shift their focus to Q2 corporate earnings. The IT sector will be in key focus as they are scheduled to release earnings in the coming days. The domestic market also awaits the release of September inflation data,” Vinod Nair, head of Research at Geojit Financial Services said.

Last week, the 30-share BSE benchmark rallied 1,293.48 points or 2.20 per cent.

Movement of other major market drivers – foreign institutional investors, Brent crude and rupee – would also be tracked for further direction.

 

Did you find apk for android? You can find new Free Android Games and apps.
Share.

Leave A Reply