With over 40 companies set to announce their report cards next week, listen to market analysts Devangshu Datta and Sandip Sabharwal, to understand how the results season may pan out
Global equities witnessed their first bout of selling in the calendar year 2022 yesterday, after minutes of the US Federal Reserve’s last policy meeting pointed at earlier and faster rate hikes, uncovering “a more hawkish Fed than some may have expected”.
That apart, over 90,000 fresh cases of Covid-19 back home also soured sentiment on Dalal Street.
The frontline S&P BSE Sensex declined over 900 points intra-day but, eventually, settled 621 points lower at 59,602.
The NSE Nifty, on the other hand, ended at 17,746, down 179 points.
Markets had been on an upswing during the past four sessions, after consolidating during the last few months of CY2021.
However, analysts expect volatility to return to the Street next week as India Inc kicks off Q3 earnings season.
As many as 45 companies are set to report their December quarter results in the coming week including Infosys, Wipro, TCS, Mindtree, HCL Tech, and HDFC Bank.
According to Devangshu Datta, an independent market expert, the October to December period will be a “transitionary phase” for the global economy, including India, as inflation is at a multi-year high, commodity prices are up, the US economy is apparently growing at a rapid pace, the base effect is ebbing in India, and China is cutting down on high carbon industries.
For Sandip Sabharwal, founder of asksandipsabharwal.com, high input costs may lead to a miss on earnings expectations.
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