Quarterly earnings, vaccine rollout key factors for market this week: Analysts

Quarterly earnings, vaccine rollout key factors for market this week: Analysts

New Delhi, Jan 17 (PTI) The domestic equity market will be largely guided by the ongoing quarterly earnings as well as global cues in the coming week and indices may witness volatility in the run-up to the Budget, according to analysts.

Besides, investors will keep tracking latest developments and trends on the COVID-19 pandemic front, especially the vaccine rollout in the country.

“Going ahead, the market could be volatile given the ongoing earning season and the weak global cues. Run-up to the Budget would also add to the volatility,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Market experts said there will be stock-specific action as the earnings season unfolds.

Some of the major earnings announcement this week are from Bank of Maharashtra, Bajaj Finance, Federal Bank, Asian Paints, Bajaj Auto and Reliance Industries Limited.

Meanwhile, the country”s largest private sector lender HDFC Bank on Saturday reported a 14.36 per cent jump in consolidated net profit to Rs 8,760 crore for the December quarter.

“Along with the weak global market, this week, the domestic market will shift its focus on the banking and finance sector as major banks and NBFCs are to release their quarterly results. Markets can be volatile going forward including concerns over how will the Union Budget be?,” said Vinod Nair, Head of Research at Geojit Financial Services.

Traders said as the vaccine rollout begins, there may be plenty of swings in stock prices.

“Investors will keep a close eye on earnings announcement and vaccine drive rollout in India,” Satish Kumar, Research Analyst, Choice Broking said.

The first COVID-19 vaccine shots in India were given on Saturday to nearly two lakh frontline healthcare and sanitary workers as Prime Minister Narendra Modi rolled out the world”s largest inoculation drive against the pandemic that has caused 1,52,093 deaths and upended millions of lives in the country.

Moreover, movement in Brent crude, rupee and investment patterns of foreign institutional investors will also be monitored.

During the week, the Sensex advanced 252.16 points or 0.51 per cent while the Nifty rose 86.45 points or 0.60 per cent. PTI DRR

Disclaimer :- This story has not been edited by Bollyinsidestaff and is auto-generated from news agency feeds. Source: PTI

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