Markets This Week On Lookout For Quarterly Results, Macroeconomic Data And Global Trends: Analysts

The inflation rate for September, indicative of the country's economic health, will be announced in the week, along with the Wholesale Price Index (WPI) data for September.

Markets will keenly observe as IT majors like TCS, HCL Technologies, Infosys release their second quarter results for the current fiscal year.

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Quarterly earnings from IT giants like Tata Consultancy Services (TCS), and Infosys, along with macroeconomic data announcements, global trends, and foreign investors’ trading activity will drive movement in the equity markets in the week, analysts noted. 

Fluctuations in the global oil benchmark Brent crude and the domestic rupee would also influence trading in the markets, experts said, reported PTI. 

Pravesh Gour, senior technical analyst at Swastika Investmart Ltd. noted, “All eyes will be on the beginning of corporate performance for the second quarter of the current fiscal year. TCS is slated to unveil its Q2 results on October 11, with HCL Technologies and Infosys following suit on October 12. Market participants will be keeping an eye on the movement of rupee against the dollar and crude oil prices. Investments by Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) will also be monitored.”

Elaborating on the macroeconomic announcements, Gour stated that industrial production and manufacturing production data for August is set to be released on October 12 in the week. Additionally, the inflation rate for September will also be announced in the week, indicative of the nation’s economic health. Further, the Wholesale Price Index (WPI) data for September is scheduled to be released on October 13, he said. 

Arvinder Singh Nanda, senior vice president at Master Capital Services Ltd, said, “Global and domestic economic data, FII/DII trading activity, upcoming Q2 earnings season, crude oil inventories, movement of rupee against the dollar and treasury bond yields will drive the market in the coming days. Markets will take further cues from major global events such as Eurozone inflation data, US initial jobless claims and FOMC (Federal Open Market Committee) minutes.”

Notably, the equity markets exhibited volatility in the last week. The BSE benchmark inched up 167.22 points or 0.25 per cent, while the Nifty increased 15.2 points or 0.07 per cent. Commenting on the market performance, Ajit Mishra, SVP - Technical Research at Religare Broking Ltd. stated, “Markets remained volatile and managed to end flat amid mixed cues.”