Inflation data, Q3 earnings will drive market this week1 min read . Updated: 13 Jan 2019, 04:45 PM IST
Market participants, on Monday, may react to Infosys' December quarter earnings wherein the IT firm Friday reported a drop in its third quarter net profit, they said
New Delhi: Stock market movement will be driven by announcement of macroeconomic data points and quarterly earnings by various companies, including bluechips RIL and Wipro, say experts. Market would also continue taking cues from the movement of rupee, crude oil and investment trend by foreign investors.
Market participants, on Monday, may react to Infosys’ December quarter earnings wherein the IT firm Friday reported a drop in its third quarter net profit, they said.
India’s second largest IT company reported a 30 per cent drop in its December quarter net profit on higher expenses even as it approved a ₹ 8,260-crore share buyback — the second in less than 13 months’ time.
Its net profit slumped to ₹ 3,610 crore in October-December 2018 from ₹ 5,129 crore in the same period a year ago, the company said in a statement.
Other major earnings this week are from RIL and Wipro.
On Monday, market may also react to industrial output data data which was released post market hours on Friday.
Industrial output growth dropped to a 17-month low of 0.5 per cent in November on account of contraction in manufacturing sector, particularly consumer and capital goods.
Factory output as measured in terms of the Index of Industrial Production (IIP) had grown by 8.5 per cent in November 2017, as per data released by the Central Statistics Office (CSO).
“Sharp rally in oil in the past few days and global cues continue to act as a major overhang on the markets," said Viral Berawala, CIO, Essel Mutual Fund.
Over the last week, the Sensex gained 314.74 points to close at 36,009.84 on Friday; while the Nifty rose by 67.60 points to end at 10,794.95.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.