Q2 Earnings, Economic Data To Steer Stocks: Experts
New Delhi: Quarterly results from blue-chips Tata Consultancy Services (TCS) and Infosys, and announcement of macroeconomic data - industrial production and inflation - will drive market sentiment in the holiday-shortened week starting October 10, according to experts.
The stock markets will remain closed on Tuesday and Wednesday for Dussehra and Muharram, respectively.
"In coming weeks, second quarter corporate earnings and key economic data release will set the trend in a truncated trading session in stock markets," said Vijay Singhania, founder director of Trade Smart Online.
"Trading is expected to remain range-bound in the near term as there are too many uncertainties such as the Fed rates, US presidential election and corporate earnings season."
The earnings season will commence from this week as TCS is scheduled to announce its September quarter result on October 13, and Infosys will announce its results on October 14.
Initially, Indian markets along with other Asian markets on Monday will react to the outcome of the crucial US non-farm payrolls data announced on October 7 after close of markets, Mr Singhania added.
The US added 1,56,000 new jobs in September but the unemployment rate in the world's largest economy rose slightly by 0.1 per cent to five per cent, according to the latest government data released on Saturday.
On the macro front, data on industrial production (based on Index of Industrial Production or IIP) for August is scheduled for release on Monday. Monthly inflation data based on consumer price index (CPI) for September is due on Thursday and wholesale price index (WPI) on Friday.
Investment trend by overseas investors, movement of rupee and crude oil price would also influence sentiment, marketmen said.
On a weekly basis, the Sensex and Nifty have risen 195.18 points, or 0.70 per cent, and 86.45 points, or 1 per cent, respectively.
