Macro data, quarterly earnings will guide equity markets this week: Analyst – World Affairs SRS

Macro data, quarterly earnings will guide equity markets this week: Analyst

– World Affairs SRS

Analysts said several macroeconomic data announcements during the week along with quarterly earnings of IT majors including Infosys and TCS are likely to set the trends in the equity market, which kicked off the year 2022 at a strong level.
In the meantime, market participants will keep a close watch on various developments and news around the rising COVID cases, both on the global and domestic front, he added.

“IT majors like Infosys, TCS, Wipro, HCL Tech and Mindtree will announce their numbers. Besides, banking heavyweight HDFC Bank results are also set. On the macroeconomic front, participants are eyeing IIP, CPI inflation and WPI inflation data. week. Amidst all, global cues and updates on the COVID situation will remain on the radar of the participants,” said Ajit Mishra, VP Research, Religare Broking.
He added that earnings will now dictate the market trend and participants expect an encouraging start by the IT giants.
While the markets are currently ignoring the rise in COVID cases, the extension of strict restrictions imposed by several states could dent sentiment, Mishra said.
Santosh Meena, head of research, Swastika Investmart Ltd., said, “The market will be busy dealing with the earnings of the IT giants…January.”
He further said that the COVID cases are increasing rapidly across the world, however the market is complacent about it as the hospitalization and mortality rate is very low. For the third wave, the market’s eye will remain on the development. Meena said that on the global front, rising crude oil prices could be a cause for concern, while inflation numbers from China and retail sales numbers from the United States would be other important factors.
Yasha Shah, Head of Equity Research, Samco Securities said, “Q3FY22 earnings season will begin with reporting of large-cap IT companies. On the macroeconomic front, investors will keep a close watch on the domestic inflation rate, as well as inflation in the United States. And the numbers for China.” BSE last week
The benchmark Sensex jumped 1,490.83 points or 2.55 per cent.
“This week will be driven by trends in preliminary earnings results with a focus on the IT sector. It is also a busy week in terms of releasing macroeconomic data points such as inflation data for December and manufacturing and industrial production data for November, ” he said. Vinod Nair, Head of Research, Geojit Financial Services.
Investors will also keep an eye on rupee movements and foreign institutional investors (FIIs).

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