This week, the direction of the stock markets will be decided by the quarterly results of major companies, global trends and the activities of foreign investors. This week, the first quarter results of Tata Consultancy Services (TCS) and HCL Technologies are also to be announced, which will play an important role in giving direction to the market. Analysts have expressed this opinion. Experts believe that after last week’s record rise, some softness may be seen in the local markets.
Expert opinion
Pravesh Gaur, Senior Technical Analyst, Swastika Investmart Ltd. said that on the domestic front, the results session of the first quarter of the current financial year of the companies is starting this week. Quarterly results of TCS will come on July 11 and HCL Technologies on July 12. Apart from this, the government is going to present the full budget of 2024-25 on July 23. This will be a major development for the stock market.
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The market is expecting that the government will announce policies that will promote growth in the budget. Along with this, everyone’s eyes will also be on the progress of monsoon. He said that apart from this, the activities of domestic and foreign institutional (DII and FII) investors will also be important from the market point of view. Along with this, crude oil prices will also be important for the market.
Arvinder Singh Nanda, Senior Vice President, Master Capital Services, said that the direction of the market will be decided by key domestic and global economic data. India’s Consumer Price Index based inflation data, industrial production data, Federal Reserve chief’s address, UK GDP data, US consumer inflation rate and unemployment claim data will be important for the market.
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Vinod Nair, Head of Research, Geojit Financial Services, said that the quarterly results season of companies is starting. It is starting with the IT giant TCS. The market is expecting better results. Investors will keep an eye on the management’s comments on the sector’s scenario.
Motilal Oswal Financial Services Retail Research Head Siddharth Khemka said that this week we will see stock and sector specific activities due to the first quarter results. Apart from this, investors will also keep an eye on the inflation rate data of India, America and China.
Ajit Mishra, Senior Vice President, Research, Religare Broking Limited, said that going forward, the direction of the market will largely be decided by the quarterly results of the companies.
How was the market last week
Last week, the 30-share BSE Sensex rose 963.87 points or 1.21 per cent, while the Nifty gained 313.25 points or 1.30 per cent. On July 4, the 30-share BSE Sensex reached an all-time high of 80,392.64 points. On the same day, the National Stock Exchange’s Nifty reached a new peak of 24,401 points.