Macro data, quarterly earnings to guide equity market this week: Analysts

New Delhi: A host of macreconomic data announcements lined up during the week along with quarterly earnings from IT majors, including Infosys and TCS, are likely to dictate trends in the equity market, which kicked off the year 2022 on a strong footing, said analysts.

Meanwhile, market participants would keep a close watch on various developments and news around the rising Covid cases both at the global and domestic front, they added.

"IT majors like Infosys, TCS, Wipro, HCL Tech and Mindtree would announce their numbers. Besides, banking heavyweight HDFC Bank result is also scheduled. On the macroeconomic front, participants will be eyeing IIP, CPI Inflation and WPI Inflation data also during the week. Amid all, global cues and updates on the COVID situation would remain on the participants' radar," said Ajit Mishra, VP Research, Religare Broking. Earnings will dictate the market trend now and participants are hopeful of an encouraging start by the IT heavyweights, he said.

Though markets are currently overlooking the rise in COVID cases, extension of strict restrictions imposed by several states might dent the sentiment, Mishra added.

Santosh Meena, Head of Research, Swastika Investmart Ltd, said, "Market will remain busy dealing with earnings from IT giants...On the macro front, IIP and CPI numbers will also be announced on 12th January while WPI will be announced on

14th January."