Market outlook: Q3 results, macro economic data to dictate stock marketsNew Delhi: Third quarter earnings from blue-chips like TCS, RIL and Wipro and key macro economic data — IIP and inflation — would dictate the trend on the bourses this week, say analysts.On earnings front,
New Delhi: Third quarter earnings from blue-chips like TCS, RIL and Wipro and key macro economic data — IIP and inflation — would dictate the trend on the bourses this week, say analysts.
On earnings front, markets this week would be eyeing results from big names like RIL, TCS, Wipro, Bajaj Auto and Axis Bank, among others.
Participants would be tracking IIP data for October and consumer price index numbers for December to be released on January 12. This will be followed by wholesale price index data which would be unveiled on January 14.
“In upcoming sessions, traders will keep an eye on IIP, CPI and WPI numbers to be declared this week. Also watch the Q3 results of large cap companies like TCS, Reliance, Wipro,” said Vivek Gupta, CMT Director Research, CapitalVia Global Research Limited.
In near term, Nifty is likely to remain volatile as overall breadth of the market was negative, he added.
Indian indices are likely to take opening cues on Monday from the US jobs data.
The US unemployment rate has dropped to 5.6 per cent with the addition of over 2.5 lakh new jobs last month, making 2014 the best year of job growth since 1999.
“Global risks — oil prices and Greek crisis in the eurozone are still not completely withered away and would continue to gain market attention as and when news flow of it. We expect the markets to remain volatile in the coming sessions,” said Hiren Dhakan, Associate Fund manager, Bonanza Portfolio.
Over the past week, the S&P BSE benchmark Sensex fell by 430 points to end at 27,458.38. The CNX 50-share Nifty also dropped by 110.95 points to finish at 8,284.50.