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Ahead of Dalal Street Week, some of the main factors traders need to look out for

Ahead of Dalal Street Week, some of the main factors traders need to look out for

The market remained consistent for the fourth week culminating on 10 July as COVID-19 cases and FII-DII outflow continued to increase. The atmosphere of Dalal Street continued being firm due to the tensions at India-China border easing out and the speculations around the progress in the making of the vaccine.

The BSE Sensex rose by 1.6 percent and Nifty 50 by 1.5 percent. The BSE Midcap index saw an increment of 0.8 percent and Smallcap rose by 1.6 percent. The market closed higher than the previous week’s closing.

We look at some of the main factors traders need to look out for in the upcoming week.

Earnings is first up on the list. As the second week of the June quarter earnings season is about to ensue, over 60 companies will announce their quarterly numbers. These include the likes of Infosys, Wipro, HDFC Bank, Britannia Industries, HCL Technologies, Mindtree.

Bandhan Bank, Federal Bank and ICICI Lombard General Insurance Company among others.

Then traders need to pay close attention to Infosys, HCL Technologies. After TCS’ numbers the previous week, the street will now scrutinize Infosys’s June quarter earnings. The company is speculated to face a five percent drop in constant currency revenue in addition to a cross currency headwind of 20 bps in Q1 FY21. Similarly, HCL technologies is likely to face an eight percent sequential decline in constant currency revenue with a drop of 200 bps in EBIT margin for the June’s quarter end.

In the upcoming week, one of the main events is speculated to be the Reliance Industries’43rd Annual General Meeting being held on 15 July. Mukesh Ambani’s addressal to all shareholders is what everyone has their eyes on.

The Rossari Biotech and Bharat Bond ETF is another imperative factor for next week. With Rossari Biotech opening its IPO for subscription worth a whopping RS. 500 crore already being a big event, the second tranche of Bharat Bond exchange traded fund(ETF) will open for bidding between 14-17 July along with two more ETFs maturing in 2025 and 2031.

The ever increasing coronavirus cases is another factor to pay attention to. With over 25,000 new cases emerging every day, India has now recorded nearly 8,20,916 cases inclusive of 22,123 deaths. The recovery rate of India currently stands at 62.78 percent.

Writer – Arunima SenGupta

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