Global trade news and domestic quarterly earnings results are likely to dominate numbers in the Indian stock markets this week, say analysts.
The holiday shortened week – the stock markets will remain closed on Wednesday for Guru Nanak Gurpurab holiday – will be event-heavy in terms of macroeconomic data announcements as several index heavyweights are set to announce their quarterly results.
“On the earnings front, several index heavyweights are set to announce their quarterly results, including Bharti Airtel, Titan Company, Adani Enterprises, Adani Ports, InterGlobe Aviation, Mahindra & Mahindra, State Bank of India, Lupin, Bajaj Auto and Hindalco,” said Ajit Mishra- SVP, Research, Religare Broking Ltd.
“On the macroeconomic front, attention will turn to the final readings of the HSBC manufacturing PMI, as well as the HSBC services and composite PMI data, which will offer cues on domestic growth momentum,” he added.
Trading activity of foreign investors would also be tracked by investors, especially as foreign investors turned net buyers with a net infusion of ₹14,610 crore in October after three months of withdrawal.
Globally, developments related to trade deals and trends in major international markets will also be closely tracked for directional cues, Mishra said.
Also Read: Foreign fund flows, global trends, to drive markets this week
“Markets are likely to take cues from a busy macro calendar this week, with a series of S&P global manufacturing and services PMI readings for India and major economies set to provide fresh insights into global growth momentum... These data points, along with movements in the Indian rupee against the dollar, will play a crucial role in shaping investor sentiment and sectoral trends,” Ponmudi R, CEO – Enrich Money, an online trading and wealth tech firm, said.
Last week, the BSE benchmark dropped 273.17 points or 0.32 per cent, and the NSE Nifty dipped 73.05 points or 0.28 per cent.
Vinod Nair, Head of Research, Geojit Investments Limited, said, “The Indian markets wrapped up the last week of October with profit-booking as investors took some chips off the table after the sustained rally.”
Looking ahead, the market will closely monitor the nations’ trade talks with the US and the ongoing corporate earnings season, which so far has delivered mixed results, he added.
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