Shillong, January 14: In the short term, investors are turning their attention towards the imminent result season, with a positive outlook on earnings growth, anticipating double-digit figures, according to Vinod Nair, Head of Research at Geojit Financial Services.
As per IANS, contrary to predictions of a weak Q3 performance in the IT sector, the market sentiment in India has been buoyed by better-than-expected results and signs of recovery in the IT sector, driven by an improved outlook for BFSI in FY25.
The initial enthusiasm over early rate cuts by the US Fed has waned due to higher-than-expected US inflation and favorable job data, leading to a moderation in global market sentiments, as noted by Nair.
Simultaneously, the escalation of the conflict in the Red Sea region has propelled oil prices upward. Despite December’s domestic inflation data being slightly lower than expected, there was a more pronounced deceleration in industrial production (IIP) than initially anticipated.
Looking ahead, Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, highlights that the market in the upcoming week will draw insights from Q3 results, India’s inflation figures, and US PPI data. Notable companies such as HDFC Bank, HUL, Ultratech, ICICI Bank, Asian Paints, and various mid-cap companies are set to unveil their Q3 results, potentially leading to stock-specific actions. It’s worth noting that US markets will observe a closure on Monday.