Indian Stock Market Hits New Highs: Key Insights from Experts
New Delhi, July 14: The Indian stock markets reached new all-time highs last week, despite some volatile trading days. Market analysts predict that stock-specific moves will gain traction due to the ongoing earnings season.
Market Performance
Last week, the benchmark indices moved higher, with Sensex closing over 600 points higher at 80,519 points and Nifty closing 186 points higher at 24,502 points. This rise was driven by a moderation in US inflation, better-than-expected results from TCS, and a lack of negative market fundamentals.
Expert Opinions
Vinod Nair, Head of Research at Geojit Financial Services, noted that IT stocks will be in the spotlight due to a strong start to the earnings season. He also mentioned that good monsoon progress and expected volume upticks have helped FMCG stocks outperform the main indices.
Krishna Appala, Senior Research Analyst at Capitalmind Research, highlighted the upcoming budget session starting July 23, which is expected to bring further incentives for sectors like Railways, Defence, and Power Financing. He warned that any changes in income tax or other financial regulations could have a short-term negative impact on the market.
Joseph Thomas, Head of Research at Emkay Wealth Management, pointed out that the current market volatility is due to profit booking ahead of the budget. Ajit Mishra, SVP of Research at Religare Broking Ltd., recommended a ‘buy on dips’ approach, focusing on stock selection and trade management.
Upcoming Events
Investors will be closely watching economic data from China, the EuroZone, and the US, as well as the policy decisions of the new government. Key company results to watch next week include Jio Financials, HDFC Life, Asian Paints, LTI Mindtree, Infosys, Havells, Wipro, JSW Steel, and Paytm.
The Indian stock market will be closed on July 17 due to the festival of Muharram.
