From Quarterly earnings to global trends, here's what will drive Indian equity markets this week
PTI. In addition to this, Trading activity of foreign investors, global oil benchmark Brent crude and rupee-dollar trend would also guide the movement. "The focus will shift towards Q3 earnings, with key players such as HDFC Bank, HUL, Asian Paints, IndusInd Bank, and Ultratech Cement set to announce their results.
Pre-Budget expectations are also likely to influence the sector and stock-specific movements," Santosh Meena, Head of Research, Swastika Investmart Ltd said as quoted by PTI. As the market gears up for the Budget, institutional flows will play a crucial role in determining its direction, he added. On Monday, WPI inflation data for December is also scheduled to be announced. "On the global front, macroeconomic data from the US and China, along with movement in the dollar index, US bond yields, and crude oil prices, will be closely monitored.
Geopolitical tensions worldwide continue to be a source of uncertainty, demanding the market's vigilant attention," Meena said. In a double whammy for the economy, retail inflation soared to a four-month high of 5.69 per cent in December, while industrial production fell to an 8-month low of 2.4 per cent in November, according to a set of government data released on Friday. "This week, the market will take cues from December quarter results and India's inflation data," Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services Ltd, said.
Last week, the BSE benchmark jumped 542.3 points, or 0.75 per cent, and the Nifty climbed 183.75 points, or 0.84 per cent. Benchmark equity indices Sensex and Nifty surged over 1 per cent to hit their fresh all-time highs on Friday. "The Q3 FY24 earnings season will be the biggest factor in driving the market movement.
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