Macro information, vaccination information, quarterly earnings to drive markets this week: Analysts
Image Source : FILE PHOTO Macro information, vaccination information, quarterly earnings to drive markets this week: Analysts
Domestic equities will primarily be pushed by macro-economic information, vaccination information and quarterly earnings this week, in accordance with analysts. The previous week noticed the benchmark indices Sensex and Nifty hitting report ranges each day, buoyed by optimistic international developments and information round rollout of coronavirus vaccination.
On a weekly foundation, the Sensex superior 895.44 factors or 1.90 per cent, whereas the Nifty climbed 269.25 factors or 1.95 per cent.
Ajit Mishra, VP-Research, Religare Broking Ltd, stated, “Among the key events, earnings season starts this week with IT major TCS results scheduled on January 8. On the economic front, participants will be eyeing the PMI manufacturing and services data. The overwhelming foreign fund inflow is helping markets to inch higher.”
He, nevertheless, added that the motion within the benchmark lacked decisiveness final week and there could also be some profit-taking or consolidation going forward.
Siddhartha Khemka, Head-Retail Research, Motilal Oswal Financial Services Ltd, stated, “December quarterly results and Union Budget will be some of the key event for the market.”
Vinod Nair, Head of Research at Geojit Financial Services, stated, “The trend in the market will be based on the upcoming corporate earnings release. IT and banking stocks will be in the limelight as major companies in these sectors are expected to kickstart the result season in the coming days.”
Improvements in company earnings within the upcoming outcome season will preserve the market buoyant, Nair opined.
Nirali Shah, Senior Research Analyst, Samco Securities, stated, “Market would take cues from global economy especially the US wherein the political transition will witnessits final leg of drama which would drive momentary market movements. With India Inc’s result season commencing, quarterly performance would keep markets buzzing withand IT pack would be first hitting the markets which are largely expected to register fine show.”
Market gauges BSE Sensex and NSE Nifty completed the 12 months 2020 with total good points of round 15 per cent. The Sensex gained 15.7 per cent whereas the Nifty jumped 14.9 per cent within the 12 months.
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