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Home » business » Markets to be guided by COVID developments, global trends this week: Analysts

Markets to be guided by COVID developments, global trends this week: Analysts

Benchmarks closed the previous trading week with robust gains, enthused by a declining trend in COVID-19 cases in India, though the pace of the vaccination drive remains an overhang.

By Newsd
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Stock markets budget sensex

With earnings season largely coming to a close, equity markets this week would be guided by updates on the COVID-19 front as well as global trends for further direction, analysts said.

Benchmarks closed the previous trading week with robust gains, enthused by a declining trend in COVID-19 cases in India, though the pace of the vaccination drive remains an overhang.

”The entry of new vaccines in the market which will ease supply crunch and a steady decline in the new COVID cases are factors boosting investor confidence in the market. ”Hence, the market will continue to focus on COVID numbers to pump in more optimism… due to a relatively quiet week for economic data,” said Vinod Nair, Head of Research at Geojit Financial Services.

Equity markets may also witness volatility this week amid derivatives expiry on Thursday. ”We feel global cues will continue to dictate the trend in near future. The recent buoyancy in banking and financial stocks is certainly encouraging and participation of other sectors on rotational basis would further fuel the recovery,” said Ajit Mishra, VP – Research, Religare Broking Ltd. During the last trading week, the 30-share BSE benchmark Sensex jumped 1,807.93 points or 3.70 per cent.

”Investors will continue to focus on trajectory of daily caseload and vaccination ramp up in the country in the near term,” said Binod Modi, Head – Strategy at Reliance Securities.

Grasim Industries, BPCL, Sun Pharmaceutical Industries and Central Bank of India are among the few major companies scheduled to announce their quarterly earnings this week. Besides this, movement of the rupee, foreign institutional investors’ investment trend and Brent crude prices would also be monitored by investors. ”Going ahead investors will keep a close eye on COVID-19 related development,” said Sumeet Bagadia, Executive Director, Choice Broking.

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