Global Factors & Domestic Market to Influence TCS Earnings
Stock markets are expected to be driven by quarterly earnings by IT frontline companies, developments related to loan moratorium and global trends this week, analysts said.
News related to coronavirus cases and the US presidential election would be closely tracked by investors, they said.
Benchmark index Sensex advanced by 3.49 per cent or 1,308.39 points last week on the back of Unlock 5.0 guidelines, positive macroeconomic data and renewed hopes of US stimulus measures. Domestic markets were closed on Friday on account of ‘Gandhi Jayanti’.
“This week marks the beginning of earnings season and among the top names, IT major TCS is scheduled to announce its number on October 7. Besides, news related to COVID-19 and updates on the US Presidential election will also be closely tracked,” said Ajit Mishra, VP – Research, Religare Broking Ltd.
US President Donald Trump said on Friday that he and first lady Melania Trump have tested positive for the coronavirus, a development that is likely to affect his hectic election campaign just weeks before the presidential polls.
“Market is expected to be guided by announcement of stimulus measures by the US and outcome of the SC moratorium hearing,” Vinod Nair, Head of Research at Geojit Financial Services said.
The Supreme Court on Monday will hear the plea on interest waiver during moratorium.
Analysts said PMI data for the services sector, movement in the rupee and Brent crude oil would be keenly watched by participants.