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Will IT giants' Q1 results impact stock markets this week? TCS, HCL Tech to report results
The Indian stock market is expected to consolidate after the record rally in the previous weeks, while it will also be guided by global cues as well as transactions by foreign and domestic investors this week.
US Federal Reserve Chairman Jerome Powell's semi-annual testimony is scheduled for July 9. He earlier said that while US inflation is slowing from the start of the year, more such evidence would be needed before the Fed decides to cut interest rates. His testimony on Tuesday is also likely to impact Indian markets.
Analysts also believe that the quarterly results of tech giants will also influence the market sentiment. Among the IT heavyweights, TCS will report its results on July 11, followed by HCL Technologies on July 12.
Vinod Nair, Head of Research at Geojit Financial Services, told news agency PTI: “As the market enters the earnings season, starting with IT major TCS, expectations are bullish on better results. Investors will be closely watching management commentary to get a glimpse of the sector outlook.”
Pravesh Gour, senior technical analyst at Swastika Investmart Ltd, told the media outlet that expectations around the upcoming Union Budget will also influence sentiments on Dalal Street. “India’s Union Budget in July is a key event, with hopes pinned on growth-oriented policies and development of the monsoon season, which will also be key focus points for investors and traders,” he said.
“In addition, the activities of foreign and domestic institutional investors (FIIs and DIIs) will be monitored, along with crude oil prices, to gauge the overall market sentiment,” Gour added.
Arvinder Singh Nanda, Senior Vice President, Master Capital Services Ltd, told the media outlet that India's Consumer Price Index data along with UK GDP data and US core CPI inflation will also guide the market.
Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services Ltd, said, “This week, we expect stock and sector specific action as the market starts taking cues from Q1FY25 results. On the macro front, investors will be keen on inflation data to be released from India, US and China.
The market capitalisation of companies listed on the Bombay Stock Exchange hit an all-time high of Rs 4,49,88,985.87 crore on Friday. A total of 2,242 stocks gained on Friday, while 1,686 lagged and 88 were flat on the bourses.
A day earlier, Sensex hit its intraday high of 80,392.64 in early trade and its all-time closing high of 80,049.67. The listed companies reached a market valuation of Rs 4,47,30,452.99 crore.
— with contributions from PTI
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