July 8th 2024.
As the week begins, analysts predict that equity markets will be heavily influenced by global trends and the trading activity of foreign investors. After last week's record-breaking rally, experts anticipate a potential consolidation in the market.
The upcoming earnings season for the first quarter will also play a significant role in shaping investor sentiments. TCS and HCL Technologies, two major players in the IT industry, are set to release their earnings on July 11 and 12, 2024, respectively. The Union budget in July is also a significant event to watch out for, with hopes for growth-oriented policies and the progress of the monsoon season.
In addition to these domestic factors, the testimony of US Federal Reserve Chair Jerome Powell on July 9, 2024, will also be closely monitored. The activities of both foreign and domestic institutional investors, as well as fluctuations in crude oil prices, will also impact the overall market sentiment.
Last week, the BSE benchmark Sensex and the Nifty both reached their all-time highs. As we enter the earnings season, investors are expecting positive results, and will be paying close attention to management commentary for insights into the outlook of the IT sector.
This week, the market is expected to witness specific movements in stocks and sectors as earnings reports for the first quarter are released. In terms of macroeconomic data, investors will be keeping an eye on inflation data from India, the US, and China.
Looking ahead, the direction of the market will largely depend on the upcoming earnings reports, according to experts. With this in mind, the week ahead is expected to be an eventful one for the equity markets.
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