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This Economical Entity Is Expected to Drive Equity Markets

The upcoming quarterly results, along with macro-economic data points and global cues, are expected to determine the trajectory of equity indices next week, market observers feel. According to analysts, investors’ risk-taking appetite might also strengthen on the back of the smooth rollout of the Goods and Services Tax (GST) and healthy progress of monsoon rains.

IT major Tata Consultancy Services (TCS) is expected to be the first blue chip to come out with its first quarter results on July 13, followed by Infosys on July 14. Apart from the Q1 results, investors will also be looking forward to the upcoming macro-economic data points such as the IIP figures.

Besides macro data, the other major theme for the upcoming week can be the direction of foreign fund flows, observed D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors.

On technical levels, the NSE Nifty is expected to touch new highs after crossing the immediate resistance level of 9,707 points.

Last week, key equity indices gained around 1.5 per cent on the back of GST launch on July 1 and a healthy monsoon. Consequently, the 30-scrip Sensitive Index (Sensex) of the BSE closed at 31,360.63 points — up 439.02 points or 1.42 per cent from its previous week’s close. Similarly, the NSE Nifty rose by 144.9 points or 1.52 per cent to close the week’s trade at 9,665.80 points.

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