Earnings to guide market momentum this week: Analysts

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The stock market’s momentum will be guided by the ongoing quarterly earnings season, with Reliance Industries, HUL and Bajaj Finance among those scheduled to announce their results this week, analysts said.

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Focus would also remain on the COVID situation, global stock markets, investment pattern of foreign institutional investors (FIIs), rupee-dollar trend and Brent crude, they added.

“The earnings season would gain pace this week and participants will be closely eyeing the results of some of the top names like Reliance, Ultratech Cement, Bajaj Auto, JSW Steel, Bajaj Finance, Asian Paints, Hindustan Unilever among others. Before that, markets will first react to the earnings of two heavyweights — HCL Technologies and HDFC Bank in early trade on Monday,” said Ajit Mishra, VP Research, Religare Broking.

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Mishra further said among other events and data, expectations around the Union Budget have started triggering noticeable moves across the board. “Amid all, global cues and updates on the COVID situation are also on the market’s radar,” he added.

Santosh Meena, Head of Research, Swastika Investmart Ltd, said, “The pre-Budget move has started in many pockets and that is likely to continue this week as well. Global markets are showing some volatility that will have some impact on our market as well.”

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“COVID cases are rising but the market is complacent about cases as the hospitalisation and mortality rate is very low. The market is likely to remain volatile ahead of new all-time high amid Q3 earnings, global cues, and pre-Budget expectations,” he noted.

CEAT and Bajaj Finserv are among the other companies which will announce their Q3 numbers this week. Last week, the BSE benchmark Sensex jumped 1,478.38 points or 2.47 per cent.

“This week, the domestic market is expected to concentrate more on earning outcomes with banking and finance sector in focus. The market is also likely to gain momentum from trends in COVID cases and related restrictions along with cues from global markets,” said Vinod Nair, Head of Research at Geojit Financial Services.

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