NEW DELHI: The expectation of good quarterly (Q2FY22) numbers and the dovish policy measures by RBI in their bi-monthly policy announcement helped India’s equity market to register healthy gain last week despite hostile global cues seen the week before.
The BSE Sensex closed above the 60,000-mark again, rising 2.20% to 60,059.06, and the Nifty50 jumped 2.07% to 17,895.20. The broader markets also witnessed strong gain with the BSE Midcap and Smallcap indices gaining 2.43% and 3.95% respectively during the week.
This week, India’s equity market will primarily be shaped by Q2 earning numbers as many big players, especially in the IT sector, are coming up with their results. Beside, a number of macro economic data is slated to be released this week that in general influences market equity movement.
“In the coming week, domestic investors will shift their focus to Q2 corporate earnings. The IT sector will be in key focus as they are scheduled to release earnings in the coming days. The domestic market also awaits the release of September inflation data which is expected to settle below 5%. Globally, investors have the release of US jobs data on their radar to determine the course of the global markets in the coming week,” said Vinod Nair, Head of Research at Geojit Financial Services.
Infosys, Mindtree, Wipro, Cyient, HCL Tech, Indiabulls Real Estate, HDFC Bank and Avenue Supermarts are among major firms that are scheduled to publish their numbers. Coming to numbers, the government will release IIP and CPI numbers on 12th October and WPI will be announced on 14th October.
“The Q2 earnings season has started with TCS’ results which is a minor miss on expectations and we could see some profit booking in the IT sector as IT stocks have rallied a lot in expectation of strong earnings. However, any correction will be a buying opportunity,” said Santosh Meena, who is the Head of Research at Swastika Investmart.