Stock Market News: The direction of local stock markets this week will be decided by global trends and activities of foreign investors. Apart from this, the first quarter results of Tata Consultancy Services (TCS) and HCL Technologies are also to be released during the week, which will play an important role in giving direction to the market. Analysts have expressed this opinion. Experts say that after last week’s record rise, there may be some softening in the local markets.
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Swastika Investmart Ltd. Pravesh Gaur, senior technical analyst, said, “On the domestic front, the results season of companies for the first quarter of the current financial year is starting this week. Quarterly results of TCS will come on 11th July and HCL Technologies on 12th July. Apart from this, the government is going to present the full budget for 2024-25 on July 23. This will be a major development for the stock market. The market expects the government to announce growth-promoting policies in the budget. Everyone will also keep an eye 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. Besides, crude oil prices will also be important for the market. BSE’s 30-share Sensex had reached its all-time high of 80,392.64 points on July 4. On the same day, the National Stock Exchange’s Nifty reached its new peak of 24,401 points.
Arvinder Singh Nanda, Senior Vice President, Master Capital Services said, “The market outlook will be determined by key domestic and global economic data. India’s consumer price index based inflation data, industrial production data, Federal Reserve Chief’s address, UK’s GDP data, US consumer inflation and unemployment claims data will be important for the market. Last week, the 30-share BSE Sensex rose 963.87 points or 1.21 percent. Whereas Nifty gained 313.25 points or 1.30 percent.
Vinod Nair, head of research, Geojit Financial Services, said, “The season of quarterly results of companies is starting. It is being started from IT sector giant TCS. The market is expecting better results. Investors will keep an eye on management’s commentary on the sector outlook. Siddharth Khemka, Head of Retail Research, Motilal Oswal Financial Services said, “This week we will see stock and sector specific movements due to Q1 results. Apart from this, investors will also keep an eye on the inflation 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.
