Latest News | IT Earnings, Macro Data to Guide Stock Markets This Week: Analysts

New Delhi, Jul 11 (PTI) Quarterly earnings from IT majors Infosys and Wipro, macroeconomic data announcements and global cues would be the major drivers for the equity markets this week, said analysts.

Leading IT companies Infosys and Wipro and other players such as Mindtree, Tata Elxsi and HDFC AMC would announce their financial results this week.

Moreover, industrial production numbers, retail and wholesale inflation data would be released this week.

"This week, markets would take cues from earnings announcements and macroeconomic data ie IIP, CPI inflation and WPI inflation. Besides, global cues, monsoon progress and updates on the new COVID variant will be closely monitored by investors," said Ajit Mishra, VP Research, Religare Broking.

Investors would also track coronavirus cases and the spread of Delta variant and its impact on the global economic recovery.

"Markets going ahead will keep a watch on inflation, oil prices, bond yields and spread of Delta variant," Shrikant Chouhan, Executive Vice-President, Equity Technical Research at Kotak Securities said.

During the last week, the 30-share BSE benchmark declined 98.48 points or 0.18 per cent.

"In our view, the progress of monsoon, Q1 FY22 corporate earnings and COVID-19 positivity rates will be in focus in the near term," said Binod Modi, Head Strategy at Reliance Securities.

"Along with the release of Q1 FY22 earnings, the coming week will see the release of major economic data which is likely to carve the way for the market this week," Vinod Nair, Head of Research at Geojit Financial Services said.

Other factors to watch out for would be trend in Brent crude, movement of rupee against the US currency and foreign institutional investors.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)