The fourth quarter results of the companies, the direction of the stock market will be decided by the global trend
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New Delhi: The results of the fourth quarter of the last financial year of the companies, the global trend and the activities of foreign funds will determine the direction of the stock markets this week. Analysts opined that the stock markets may witness volatility this week due to settlement of monthly derivative contracts. Last week, the 30-share BSE Sensex lost 298.22 points or 0.48 per cent. The National Stock Exchange’s Nifty also lost 111.4 points or 0.60 per cent. Master Capital Services Ltd. “Global and domestic macroeconomic data, crude oil prices, trend in global markets, foreign and domestic institutional investors’ activities will be important for the market this week,” said Arvinder Singh Nanda, senior vice-president, ICICI Bank.
He said that this week the quarterly results of big companies like BPCL, Ashok Leyland, NMDC, Hindalco, Oil India, LIC, Vodafone Idea, BHEL, ONGC are to come. Apart from this, many other companies will also announce their quarterly results. Nanda said that investors globally will be watching the debt ceiling talks in the US. US President Joe Biden is in talks with the Republicans for an agreement about this. The deadline of June 1 to increase the country’s debt limit is also fast approaching. Vinod Nair, Head of Research, Geojit Financial Services, said that a weak trend in global markets also affected the activities of local markets in the past week.
Religare Ltd. Ajit Mishra, vice-president, technical research, said, “The market will remain volatile this week due to the settlement of derivatives contracts for the month of May. Meanwhile, investors will closely watch the performance of global markets as well as foreign fund inflows. Swastika Investmart Ltd. Market participants are closely watching the Federal Open Market Committee (FOMC) meeting to be released on May 24, said Pravesh Gaur, Senior Technical Analyst. Joseph Thomas, Head of Research, Emkay Wealth Management, said that in the near future, due to the quarterly results, the market will see stock-specific movements in the market.
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