NEW DELHI, Feb 12: Last leg of quarterly earnings, inflation data and trend in the Uttar Pradesh Assembly polls would dictate the sentiment in the stock market going ahead, say experts.
“Assembly elections in Uttar Pradesh, macroeconomic data and last batch of Q3 FY17 earnings will dictate the sentiment in the stock market this week,” said Vijay Singhania, Founder Director, Trade Smart Online.
Inflation data based on consumer price index (CPI) for January is scheduled to be released after market hours on Monday and wholesale price index (WPI) on Tuesday.
Also, investors will continue to focus on final batch of Q3 result announcements.
Major earnings announcements, this week, are from Hindalco Industries, Jaiprakash Power Ventures, NMDC, Sun Pharmaceutical Industries and Tata Motors.
“We believe market to take cues from the UP polling also and behave similarly. Overall, we foresee range bound trading in the benchmark indices for the coming week. However, if any good news comes in like BJP getting the majority in UP, we could see rally in the market,” said Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments.
Stock market may react to IIP numbers when it opens for trading on Monday.
Demonetisation took a toll on industrial activity as output contracted to four-month low of 0.4 per cent last December.
Over the last week, the Sensex recorded a rise of 93.73 points, or 0.33 per cent, while the Nifty gained 52.60 points, or 0.60 per cent, respectively. (PTI)