Quarterly earnings and global indices will be the main driver of sentiment for the stock market this week, analysts say.
In recent times, benchmarks have broken records.
“Quarterly results will dictate market sentiment and will be the topic of discussion this week as they accelerate. D-Street will be listening to all management information to forecast the future path of earnings.
“With the anticipation that companies would maintain their momentum from the previous quarter into the second quarter, investors could see sawtooth moves in the stock this week as results exceed or fall short of market expectations,” Yesha Shah said. , manager (equity research) at Samco. Securities.
Major revenues announced this week include UltraTech Cement, ACC, Hindustan Unilever Ltd, Asian Paints, Hindustan Zinc, IDBI, Bank of Maharashtra, South Indian Bank, Federal Bank and Reliance Industries Limited.
“If we talk about the indices for this week, quarterly earnings will dominate the market where the market reacts to HDFC Bank and Avenue Supermarts earnings on Monday.
“Ultratech Cement, ACC, HUL, Nestlé, Asian Paints, JSW Steel, HDFC Life and Reliance Industries will release their revenues during the week,” said Santosh Meena, research manager at Swastika Investmart Ltd.
He added that aside from earnings, global indices will be important where global markets have started to do well after a period of correction.
Last week, the benchmark BSE index rose 1,246.89 points, or 2.07%. The benchmark index broke the 61,000 mark for the first time on Thursday.
Markets were closed for Dussehra on Friday.
“The bank will be the key sector in the spotlight in the coming days as the sector prepares to launch its earnings season. Pending a strong recovery in corporate earnings, the Indian market is positioned for continue its bullish course.
“However, any deviation from market expectations may result in a short-term correction in the respective segments,” said Vinod Nair, manager (research) at Geojit Financial Services.
The markets will also follow the movement of the rupee, foreign institutional investors and Brent crude.