Inflationary fears, healthy earnings’ hope to steer market’s movement

Mumbai, April 9 (IANS) India Inc’s Q4FY22 quarterly results season as well as macro-economic inflation and industrial production data points will steer domestic equity market’s movements, next week.

Besides, price movements of crude oil along with those of other major commodities will influence the investors’ sentiments.

“The Q4 results season will start from Monday and the market’s focus will shift to individual stocks,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“The RBI has turned mildly hawkish and this could impact the valuations in the markets over time.”

Furthermore, Jasani expects that Nifty could now take support from 17,522-17,560 band and face resistance from 17,900-17,921 band over the next few days.

According to Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, overall, equity markets have shown strong resilience despite headwinds from uncertain global environment and persistent inflation.

“Q4 FY22 earning season will kick off from next week and will be the key factor for market direction going forward.”

Apart from Q4FY22 results, the Central Statistics Office (CSO) is slated to release the macro-economic data points of Index of Industrial Production (IIP), Consumer Price Index (CPI) on March 12.

Additionally, investors will look forward to the macro-economic data points of WPI (Wholesale Price Index) and India’s trade figures.

“Going ahead, the focus will be shifted to the Q4 earnings season, which will start next week initiated by the IT and banking sector. Outlook for the banking sector is robust due to rapid bounce in credit growth and improvement in balance sheet while preview for IT is mixed as Q4 is seasonally weak,” said Vinod Nair, Head of Research at Geojit Financial Services.

“The market also awaits the release of major domestic economic data such as inflation rate for March, Industrial production and manufacturing production data next week.”

(Rohit Vaid can be contacted at [email protected])

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