17 Oct , 2021 By : Kanchan Joshi
This week Indian equity markets would be driven by quarterly earnings, and global cues, according to analysts. Markets will also track the movement of the rupee, foreign institutional investors, and Brent crude.
"Quarterly results will dictate market sentiment and will be the talk of this week as they pick up the pace. D-Street will be all ears to any management insights to forecast the future earnings trajectory," Yesha Shah, head (equity research) at Samco Securities told PTI news agency.
Major quarterly results that will be announced this week include UltraTech Cement, ACC, Hindustan Unilever Ltd, Asian Paints, Hindustan Zinc, IDBI, Bank of Maharashtra, South Indian Bank, Federal Bank, and Reliance Industries Limited.
Analysts Santosh Meena, head (research) at Swastika Investmart Ltd said that quarterly earnings will dominate the market. He further added that other than earnings, global cues will be important where global markets have started to do well after a period of correction.
Geojit Financial Services' Vinod Nair said that banking will be the key sector under focus in the coming days as the sector's earnings season is set to begin.
"With the expectation of a strong recovery in corporate earnings, the Indian market is positioned to continue its bull run. However, any deviation from market expectation may lead to short-term correction in the respective segments," Nair added.
Last week, the BSE benchmark rallied 1,246.89 points or 2.07%. On October 14, Sensex rallied over 350 points in opening trade to cross the 61,000-mark for the first time amid a positive trend in global markets. Similarly, the Nifty surged 119.75 points or 0.66 per cent to a new intra-day record of 18,281.50. Markets were closed on Friday for Dussehra.
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