Page 38 - The Indian EYE 071924

BUSINESS EYE JULY 19, 2024 | The Indian Eye 38

Indian stock market eyes Q1 results, budget,

and global cues in the upcoming week

Sensex and Nifty have cumulatively accumulated 11-13 per cent returns so far in 2024-25. Strong

buys by both foreign and domestic institutional buyers also have been supporting the stock markets

OUR BUREAU es, the market is optimistic that the
government will maintain its focus
Mumbai
on infrastructure, defence, railways,
s the week gone by saw In- and green energy. As of now, the
dian stock markets touching market is not factoring in any nega-
Afresh all-time highs and at the tive surprises in the form of income
same time volatile trading days, the tax changes, LTCG, STCG, STT, etc.
market is likely to see stock specific Any changes in these areas will have
moves gain traction on the back of a short-term negative impact on the
ongoing earning season, as per the market,” Krishna Appala, Sr. Re-
market analysts. search Analyst, at Capitalmind Re-
search said.
The market participants will ac-
Last week, the benchmark in- tively monitor the policy decisions of
dices moved higher as the Fri- the new government.
As the companies have started
day session progressed and in revealing their first quarter results
the process touched a fresh the specific sectoral stocks are show-
high. The market was triggered A stockbroker in a jubilant mood at a brokerage as Sensex ing fresh highs. IT saw a fresh rally
and was up 4% after TCS reported
by the latest moderation in US and Nifty hit all-time highs (ANI file photo) inline numbers.
“IT sector is expected to be in fo-
inflation, better-than-expected expectations of an uptick in volumes Sensex closed over 600 points or cus as other IT majors will come out
TCS results, and lack of nega- aided FMCG stocks to outperform 0.8 per cent higher at 80,519 points, with results. On Monday, markets
tive market fundamentals. the main indices. In the week ahead, whereas Nifty closed 186 points or will react to India’s inflation data
economic data like China GDP, Eu- 0.8 per cent higher at 24,502 points. which will be released post-market.
roZone CPI inflation, ECB policy, Sectoral indices were mixed on Fri- Key results next week include Jio Fi-
Observing the market trends, and the US Fed chair speech will be day last week. nancials, HDFC Life, Asian Paints,
Vinod Nair, Head of Research, at watched carefully by investors to get As per the market watchers the LTI Mindtree, Infosys, Havells, Wi-
Geojit Financial Services said, “We cues on market momentum.” upcoming budget session scheduled pro, JSW Steel, Paytm, etc. Also
expect stock-specific moves to gain Sensex and Nifty have cumula- from July 23, will deliver further in- globally, investors will take cues from
traction due to the ongoing earn- tively accumulated 11-13 per cent re- centives, including investments and China’s Q2GDP numbers, US Core
ings season; indeed, IT will be in turns so far in 2024-25. Strong buys capital expenditure for sectors such as Retail Sales data, and ECB inter-
the limelight due to the good start by both foreign and domestic institu- Railways, Defence, Shipbuilding, Pow- est rate decisions,” said Siddhartha
to the earnings and outlook. The tional buyers also have been support- er Financing, and Industrial sectors. Khemka, Head - Retail Research,
good progress in the monsoon and ing the stock markets. “As the budget session approach- Motilal Oswal Financial Services Ltd.

Piyush Goyal meets WTO DG, Indian diaspora, investors

n the first day of his visit four-nation European bloc or EFTA with prominent members of the Indi- including representatives from
to Zurich regarding im- (European Free Trade Association). an diaspora in Zurich. He acknowl- MSC Cargo. They discussed poten-
Oplementation of the In- On the first day, Goyal had edged their valuable contributions to tial collaborations and investment
dia-EFTA Trade and Economic high-level discussions with the Di- the Swiss economy and Indo-Swiss opportunities in various sectors.
Partnership Agreement (TEPA), rector General, World Trade Organ- relations, encouraging them to invest Goyal also convened a meeting
Union Minister of Commerce and isation (WTO), interactions with the in India. He highlighted the exten- with India’s WTO team in Geneva,
Industry Piyush Goyal engaged in a Indian diaspora, and dialogues with sive opportunities available under led by the Ambassador and Per-
series of significant meetings. potential investors, presenting India the leadership of Prime Minister Na- manent Representative of India at
The minister was on a two-day as an attractive destination for busi- rendra Modi and the newly signed WTO, along with senior officers
official visit (July 14-15) to Switzer- nesses and industry for trade and India-EFTA Trade and Economic from the Department of Com-
land to take forward commitments investment, according to an official Partnership Agreement. merce. They thoroughly discussed
as part of India’s recently signed statement on Monday. Piyush Goyal met leading busi- priority issues currently under dis-
free trade agreement with the The Minister further engaged ness figures and potential investors, cussion or at various stages of ne-
gotiations in the WTO.

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