NEW DELHI, July 17: Quarterly earnings from blue-chips such as Wipro and HDFC Bank, progress of rains and proceedings of the monsoon session of Parliament will be the key themes for the stock market this week, say experts.
“This week, all eyes will be on the GST Bill in Parliament, next batch of Q1 earnings and progress of the monsoon. The start of the monsoon session of Parliament from Monday will add to anxiety as hopes are high over the passage of the Goods and Services Tax (GST) Bill in coming weeks,” said Vijay Singhania, Founder-Director, Trade Smart Online.
Initially, markets will react to the earnings of oil and gas major Reliance Industries in early trade on Monday, he added. RIL reported a bigger-than-expected 18 per cent jump in June quarter net profit after market hours on Friday.
Consolidated net profit at Rs 7,113 crore, or Rs 24.1 per share, in April-June was 18.1 per cent higher than Rs 6,024 crore in the same period of the previous fiscal, RIL said in a statement.
Moreover, the next batch of earnings of blue-chip companies will have a bearing on market sentiment this week, the experts added.
Hindustan Unilever, UltraTech Cement, Wipro, Axis Bank, Cairn India and HDFC Bank are due to announce their June quarter numbers this week.
“Ultimately, everything boils down to one thing: earnings growth. Of course, management guidance and outlook for the current year will be an important factor to watch out for,” Singhania added.
Over the past week, the benchmark Sensex rallied 709.60 points to finish at 27,836.50 while the broader Nifty gained 218.20 points to end at 8,541.40.
“FII trading activities, movement of the rupee versus the dollar and crude price in the international market are going to be the key,” said Rohit Gadia, Founder and CEO, CapitalVia Global Research. (PTI)
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