The next batch of quarterly earnings and progress on the much-awaited GST Bill would set the trend for stock market this week, say experts.
“Next batch of June corporate results, progress of monsoon rains, sentiments in global markets will set the market trend this week. Investors will continue to watch developments on the Goods and Services Tax (GST) constitutional amendment bill in Parliament,” said Vijay Singhania, Founder-Director, Trade Smart Online.
Also, auto stocks will remain in focus this week. These companies will start unveiling monthly sales volume data for June, he added.
Moreover, on macroeconomic data front, PMI data on manufacturing and services sector would also influence trading.
The next batch of companies scheduled to announce June quarter earnings include HCL Technologies, Tech Mahindra, Indian Bank, Tata Power and GlaxoSmithKline Consumer Healthcare.
“Market movement this week will depend on quarterly result announcement. Along with this activities of foreign portfolio investors is going to be key,” said Rohit Gadia, Founder & CEO, CapitalVia Global Research.
The government has listed the much-awaited GST bill for consideration and passage in Rajya Sabha’s agenda for this week.
On a weekly basis, the Sensex rose by 248.62 points or 0.89 per cent and NSE Nifty perked up 97.30 points or 1.13 per cent. Both the indexes were up for a fifth straight month.