Stock market: The direction of stock markets is determined this week by the company’s quarterly results and global trends. In addition, the settlement of products may cause volatility in the market. Analysts have expressed this view. Analysts say market investors will notice the US Federal Reserve’s decision on interest rates.
Ajit Mishra, Vice President (Research) at Religare Broking, said: “Setting out the July product offerings could leave the market volatile. In addition, the quarterly results season rate is accelerating. During the week, quarterly results of Axis Bank, Kotak Bank, Tata Motors, Maruti, Colgate, Tech Mahindra, BHEL, IOC, Sun Pharma and Indigo are coming. And the market direction is also determined by the results of the US Central Bank meeting to be held on July 28. The market reacts to the quarterly results of Reliance Industries, ICICI Bank and ITC in early trading on Monday.
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Reliance Industries’s June quarter net profit fell 7% to Rs. The company’s retail business has been affected by the second wave of the Kovid-19, which has reduced its profits. The company’s quarterly results came on Friday. “Markets are responding to the quarterly results of Reliance Industries, ITC and ICICI Bank earlier this week,” said Siddharth Khemka, head of retail research at Motilal Oswal Financial Services. ICICI Bank’s quarterly results came on Saturday. The consolidated net profit of the bank rose 52 per cent to Rs 4,747.42 crore in the June quarter.
On the other hand, FMCG Company ITC’s first quarter net profit was up 30 percent and revenues were up 35 percent. Vinod Nair, head of Geojit Financial Services research division, said, “This week’s market trend will depend on global sentiment and quarterly results.” In the last week, the 30-share BSE Sensex lost 164.26 points, or 0.30 percent. Crude oil prices, the dollar’s volatility against the dollar and the investment trend of foreign institutional investors.
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