Second quarter earnings, macro data key for markets this week: analysts
New Delhi, November 3 () Quarterly earnings of blue chips such as HDFC, macroeconomic data points and global signals would boost the sentiment of the equity market this week, analysts say.
Without major events for this week, the market will focus on the next stage of corporate results announcements. Key players like HDFC, Tech Mahindra, Sun Pharma will announce the results.
Automotive companies will be on the radar after they reported a weak set of sales for October, said Vinod Nair, head of research at Geojit Financial Services.
The main companies that will announce their quarterly earnings this week are HDFC, Indian Overseas Bank, Jindal Steel&Power, Canara Bank, Cipla, Corporation Bank, Tata Steel, Ashok Leyland and Bank of Baroda.
PMI data for the service sector, scheduled for Tuesday, would also influence business sentiment.
We believe that Mr. Market will become volatile in the coming weeks, as he will witness the profit reserve at higher levels, the markets will also see a reduction of the big limits with entries in selected midcaps, said Jimeet Modi, founder and SAMCO CEO. Securities and StockNote.
During the last week, the BSE Sensex of 30 shares increased 1,106.97 points or 2.83 percent.
Much will also depend on the performance of world markets, as they will drive internal feelings, said Mustafa Nadeem, CEO of Epic Research. Participants will also monitor foreign fund inflows, crude oil prices and the movement of the US dollar, experts added. SUM ABM ABM