Earnings data, Covid-19 updates, global trends to drive market this week: Analysts
Market this week is likely to be in a consolidation mode with a streak of profit booking at much higher levels than before.
The domestic equity market is likely to be guided by quarterly earnings data, coronavirus related updates and global trends this week, with bouts of profit booking at higher levels going ahead, according to analysts.
Rising coronavirus infections in Europe had dented market sentiment last week. Concerns over resurgence in coronavirus cases may also play in investors mind going ahead. “In absence of any major event, global cues and coronavirus related updates will remain in focus. Any news of further restrictions due to rise in Covid-19 cases might not go well with markets,” said Ajit Mishra, Vice President Research, Religare Broking.
On the earnings front, ACC, Asian Paints, Bajaj Auto, Hindustan Unilever Limited(HUL), UltraTech Cement, Bajaj Finance, Bajaj Finserv, Hexaware Technologies, and IDBI Bank, among others.
“Going ahead, market is likely to be in a consolidation mode. Investors would keep a close watch on earnings announcements, rising Covid-19 cases globally, developments around US election. China’s GDP data this week will also be on radar,” Siddhartha Khemka, Head Retail Research, Motilal Oswal Financial Services said.
Over the past week, the Sensex lost 526.51 points or 1.29 per cent.
“We believe markets are in a correction phase due to a quick bounce of the market, to near pre-Covid-19 level. It has brought some volatility, which may stay for some more time. Market will look forward, with high hopes on Q2 results,” said Vinod Nair, Head of Research at Geojit Financial Services.
According to Nirali Shah, Senior Research Analyst, Samco Securities, “bourses will be mainly guided by Q2 numbers of marquee names such as HUL to name a few. Investors may also witness profit booking at higher levels.”
