Achi news desk-
Stock markets to track global events, macro data, TCS results in holiday-shortened week: analysts | canna
Global trends, macroeconomic data announcements and the start of earnings season will be the main drivers for stock markets in a holiday-shortened week, analysts said.
Stock markets will remain closed on Thursday for Eid-ul-Fitr.
Raw prices in focus
Trading activity of foreign investors, rupee-dollar trends and crude oil prices will also lead the trends in the markets.
“Indian companies are about to enter a new corporate earnings season this week in the fourth quarter. At the head of the pack is the IT services giant TCS, which should open the earnings season for the quarter ending in March 2024.
“Its results for the fourth quarter of FY24 will be released on April 12, 2024, after market trading hours. Apart from this, India’s industrial production data will also be released on April 12, 2024. On the same day, March inflation will be announced,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Investors will closely monitor the movement of the rupee against the dollar, crude oil prices and investment activities of foreign institutional investors (FIIs) and domestic institutional investors (DIIs), Mina added.
All time market last week
Last week, the BSE index climbed 596.87 or 0.81 percent. It hit an all-time high of 74,501.73 on April 4.
“The outlook for the market will be guided by key global and domestic economic data, India’s CPI and IIP data, US consumer inflation, US business optimism index, US initial jobless claims and the ECB’s interest rate decision European),” Arvinder Singh Nanda, senior vice president of Master Capital Services Ltd., said.
Ajit Mishra, VP, Technical Research, Religare Broking Ltd, said this week marks the start of the earnings season and the focus will be on the IT hubs to begin with.
“This week, the focus will shift to Q4 earnings season as TCS will announce its results on April 12. Also, markets will take cues from global events such as India and US inflation data, and the ECB policy meeting. Overall we expect the market to consolidate in a broader range with stock-specific action,” said Siddhartha Khemka, head of retail research, Motilal Oswal Financial Services Ltd.
