New Delhi : Second quarter earnings from bluechips like HDFC Bank, Wipro and Bajaj Auto would dictate the trend in equity markets in the holiday-shortened week ahead, say experts. Stock markets would remain closed on Thursday for Dussehra festival.
“This week, traders will first react to earnings of Reliance Industries, which reported its quarterly numbers after market hours on Friday and posted better-than-expected results. “Going ahead, big names like ACC, Biocon, Hero MotoCorp, HDFC Bank, Idea and JSW Steel will announce their quarterly numbers,” said Jayant Manglik, President (Retail Distribution), Religare Securities.
Reliance Industries on Friday reported its highest ever quarterly net profit of Rs 6,720 crore for three months ending September 30. Major companies set to announce their results this week are HCL Technologies, UltraTech Cement, ACC, Hero MotoCorp, Bajaj Auto, Wipro, Cairn India, Idea Cellular and HDFC Bank. Market experts said developments related to Bihar polls would also be watched.
“Next batch of corporate earnings and management outlook will set the tone this week. Apart from September, 2015 earnings, new political developments emerging from Bihar assembly elections and sentiments in the global markets will also affect the sentiments,” said Vijay Singhania, Founder- Director, Trade Smart Online. In the broader market, the Sensex, over the past week, rose by 135.09 points to conclude at 27,214.60, posting its third consecutive weekly gain.
“Trend in global markets, investment by foreign investors, movement of the rupee against the dollar, crude oil price and quarterly results of companies will dictate trend of the market in near term,” said Vivek Gupta, CMT – Director Research, CapitalVia Global Research Limited. On the global front, China will announce its third quarter GDP figures on Monday.
