Quarterly results, macroeconomic data, global trends will give momentum to the market this week: Analyst – Dainik Savera Times
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New Delhi: This week the stock market will be affected by macroeconomic data, global trends and the attitude of foreign investors. Analysts said that apart from this, the market will also keep an eye on the quarterly results of major IT companies like Tata Consultancy Services (TCS) and Infosys. The movement of global oil benchmark Brent crude and rupee will also affect the business.
Pravesh Gaur, Senior Technical Analyst, Swastik Investmart Limited, said that all eyes will be on the corporate results of the second quarter of the current financial year. TCS results will be out on October 11 and HCL Technologies and Infosys results will be out on October 12. He said, “Market participants will also keep an eye on the movement of rupee against dollar and crude oil prices.
The stance of foreign institutional investors (FIIs) and domestic institutional investors (DIIs) will also influence the market. He said that important announcements are also to be made on the macroeconomic front in the week under review. Under this, industrial production and manufacturing production figures for August will be released on October 12. Gaur said that also, the inflation rate for September will be announced, which will provide information about the economic health of the country.
Apart from this, Wholesale Price Index (WPI) data for September will come on October 13. Shrikant Chauhan, head of equity research (retail), Kotak Securities Ltd, said the market will take further cues from the upcoming quarterly results. Vinod Nair, head of research, Geojit Financial Services, said that from this week traders will keep an eye on the quarterly results of IT and banking sectors.
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