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Quarterly Earnings, Global Trends To Drive Equity Market This Week: Analysts

Reliance Industries Ltd on Friday reported a 7 per cent drop in its June quarter net profit as retail business got hit by the second wave of COVID infections.

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Equity markets would be guided by the ongoing quarterly earnings season and global trends this week and may witness volatility amid the scheduled derivatives expiry, analysts said.

Investors would also keenly track the US Fed interest rate decision, they added.

'We expect volatility to remain high due to the scheduled derivatives expiry of July month contracts. Besides, the earnings season would gain pace and some of the prominent names like Axis Bank, Kotak Bank, LT, Tata Motors, Maruti, Colgate, Tech Mahindra, BHEL, IOC, Sun Pharma and Indigo will announce their numbers during the week along with several others.

'Besides, update on the global COVID situation and US Fed meeting outcome on July 28 will be in focus. Markets will first react to the results of index majors like Reliance, ICICI Bank and ITC in early trade on Monday,' said Ajit Mishra, VP Research, Religare Broking.

Reliance Industries Ltd on Friday reported a 7 per cent drop in its June quarter net profit as retail business got hit by the second wave of COVID infections.

'This week, markets will first react to results of Reliance Industries, ITC and ICICI Bank on Monday. It will track global cues for further market direction,' Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd said.

ICICI Bank on Saturday reported a 52 per cent jump in its June quarter consolidated net profit at Rs 4,747.42 crore.

FMCG major reported an impressive 30 per cent growth in Q1 net profit and 35 per cent increase in revenue on the back of rebound in segments.

'The week will be driven by global sentiments and expectations of firm quarterly results,' said Vinod Nair, Head of Research at Geojit Financial Services.

During the last week, the 30-share BSE benchmark dipped 164.26 points or 0.30 per cent.

This week, investors would also track other major market drivers -- Brent crude movement, rupee trend and foreign institutional investors. 

(PTI)