The stock market will be steered largely by the ongoing earnings announcements, with big names like HDFC Bank, NTPC, ITC and Maruti Suzuki set to come out with their results this week, say experts. Besides, indices may also experience some volatility amid derivatives expiry due on Thursday.
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“This week, several blue-chip companies are set announce their second quarter 2016-17 earnings. Companies that are set to announce their earnings this week include Adani Power, Axis Bank, Idea Cellular, Reliance Capital, Asian Paints, Bharti Airtel, Dr Reddy’s, HDFC Bank, HDFC, Hero MotoCorp, HUL, ITC, IOC, Maruti Suzuki India and ONGC,” said Vijay Singhania, founder-Director, Trade Smart Online.
Besides, market sentiment will be dictated by investment trend of overseas investors, movement of the rupee and crude oil prices, the experts noted.
Over the past week, the Sensex and the Nifty recorded gains by rising 403.58 points, or 1.45 per cent, and 109.65 points, or 1.27 per cent, respectively.
“This week is to remain eventful since several large-cap companies are ready with their September quarter earnings to be announced during the week. Hence, market will take further cue from the companies’ earnings,” said Abnish Kumar Sudhanshu, Director and Research Head, Amrapali Aadya Trading & Investments Pvt.
“Globally, very crucial and important event, the US presidential election scheduled for November would also be the topic of discussion. The US being the superpower is likely to impact India and other countries directly or indirectly by its upcoming election,” Sudhanshu added.
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