New Delhi: Quarterly earnings from bluechips Reliance Industries and Wipro would largely influence market trend this week in the absence of any major domestic triggers, say experts. Other major companies scheduled to announce their earnings this week are UltraTech Cement, ACC, Hindustan Zinc, HCL Technologies and Cairn India. “In absence of any major trigger, Q2 FY17 corporate earning of top blue-chip companies will dictate the market trend this week,” said Vijay Singhania, Founder-Director, Trade Smart Online.
“On the global front, all eyes will be on the US presidential debate between Hillary Clinton and Donald Trump on Wednesday,” Singhania added. Back home, state-owned OMCs will be in focus as these companies will undertake fuel price revision during the middle of this month, he said. “Since we know second quarter earning seasons have started, therefore we believe market to remain watchful for the companies reporting their earnings,” said Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments Pvt Ltd.
Further, market may also get driven by global developments such as those related to US elections as well as development in the Eurozone, Sudhanshu noted. Besides, investment trend by overseas investors, movement of rupee and crude oil would also be key for stock market sentiment. Over the past week, the Sensex dropped 387.54 points, or 1.38 per cent, while NSE Nifty lost 114.20 points, or 1.31 per cent.
PTI