NEW DELHI, July 5: Outcome of Greek referendum, first quarter earnings of IT major TCS, industrial production data and progress of monsoon would guide market, which is expected to remain remain range-bound this week, say experts.
“Greek’s sovereign default is behind us and markets now keenly await the Greek vote which would decide the acceptance of creditor’s proposals for bailout package. Greek default and exit from Euro region may bring volatility in future, if situation demands,” said Hiren Dhakan, Associate Fund manager of Bonanza Portfolio.
“We believe, markets have already discounted these facts and is to remain range-bound in the near-term,” he added.
Besides, focus will shift to quarterly earnings as Tata Consultancy Services will announce its Q1 results on Thursday.
Moreover, investment trend by foreign investors and movement of rupee against dollar would also influence trading.
Meanwhile, Index of Industrial Production (IIP) data for the month of May is due on Friday.
Even as India Meteorological Department predicted deficient rainfall in July, Skymet, a private weather agency, last week stuck to its forecast of “normal” monsoon in the month.
“The Grexit issue seems to be an overhang for quite some time and the clear picture will only emerge after the referendum,” said Paras Bothra, VP, Equity Research Ashika Stock Broking.
For the past week, the benchmark BSE Sensex rose by 280.95 points to 28,092.79. (PTI)
Follow our WhatsApp channel