The stock market’s direction will be determined this week by company quarterly results and the global trend. After a week of long holidays, trading activities in the stock markets will resume on Monday. Apart from that, analysts say the war between Russia and Ukraine, as well as the situation with Kovid-19 in China, will determine the market’s future direction.
“With no major developments on the domestic and global fronts, the market direction this week will be determined by company earnings,” said Yesha Shah, Head of Equity Research at Samco Securities. In the market, stock-specific movements can be seen. On Monday, the Wholesale Price Index will be used to calculate inflation for the month of March. “The market will react on Monday on the quarterly results of two major companies Infosys and HDFC Bank,” said Ajit Mishra, Vice President – Research, Religare Broking Ltd.
Infosys, India’s second largest software services company, reported a 12% increase in consolidated net profit for the March quarter, to Rs 5,686 crore. The company’s outcome was announced last week. In 2022-23, the company expects to grow its business by 13-15 percent. HDFC Bank, the country’s largest private sector lender, reported a single net profit of Rs 10,055.2 crore for the quarter ended March 2022, up 22.8 percent from the previous quarter. On Saturday, the company released its quarterly results. Mindtree, ACC, HCL Technologies, Nestle, and Hindustan Zinc will release their ‘earnings’ figures this week.
“With the onset of the income season, the domestic market may see sector-specific activity in the coming days,” said Vinod Nair, head of research at Geojit Financial Services. Last week, the 30-share BSE Sensex fell 1,108.25 points, or 1.86 percent, while the Nifty fell 308.70 points, or 1.73 percent, on the National Stock Exchange. Apart from that, analysts say the market will keep an eye on foreign institutional investors’ investment trends, as well as rupee and crude oil volatility.