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Where Axis Bank on Monday posted a 94% year-on-year growth in net profit at Rs 2,160 crore, Kotak Mahindra Bank reported 31.99% YoY growth in net profit at Rs 1,641.92 crore in Q1FY22.
The ongoing result season for the June quarter, global cues, movement of rupee against the dollar and crude oil prices will dictate trend on the bourses in the near term. Investment by foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) will also be monitored. Here are the key factors that are likely to chart the direction of the market in the coming week.
Q1 results
Investors will continue to watch June 2021 quarterly earnings for direction. HDFC Bank announced its results on July 17. ACC, HDFC Life Insurance Company and HCL Technologies will declare results on July 19. Asian Paints and Bajaj Finance will unveil results on July 20. Bajaj Finserv will announce result on July 21. Bajaj Auto, Bajaj Holdings and Investment, Ultratech Cement, Hindustan Unilever will declare results on July 22. JSW Steel and Ambuja Cements will unveil results on July 23.
Monsoon Session
On the political front, the Monsoon Session of Parliament is scheduled to start from July 19. It will be the first session after the second wave of Covid-19 hit the country. It will conclude on August 13 with 19 days of business. Around 17 bills are listed for introduction in Lok Sabha, including five bills for consideration and passage, and a similar number of bills are expected to be introduced in Rajya Sabha as well during the session.
Covid update
On the coronavirus front, investors would continuously watch out government’s course of action along with progress on the vaccination drive. Besides, as new Covid cases have seen a considerable decline, all eyes would be on state governments for further easing of restrictions.
Global cues
Overseas, China will announce Loan Prime Rate for one year and five years on July 20. Japan will announce the inflation rate for June on July 20. The US Markit Manufacturing PMI flash for July will be declared on July 23.
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