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Markets may remain joyous on earnings

Dalal Street may see new highs in the week ahead with top corporates announcing their quarterly earnings.
PTI | By HT Correspondent, Mumbai
UPDATED ON JUL 22, 2007 04:51 PM IST

Dalal Street may witness new highs in the week ahead with leading corporate houses scheduled to announce their quarterly earnings adding to the upbeat sentiments, analysts say.

The benchmark index Sensex which gained over 292 points last week closed at 15,565.55 points after surging to an all time high of 15,683.03 on Friday.

Besides, robust FII flows have kept the market abuzz with activity and is likely to gain momentum in the days to come. Foreign institutional investors have been net purchasers of equity worth Rs 21,451 crore in July so far while their total investment this year has already crossed $9.60 billion.

Barring the IT sector, results announced so far have shown healthy growth for corporate India and the stock market have witnessed a sector specific rallies in the past week.

Analysts believe strong performance by the blue-chips could lead the markets to new highs in the coming week.

PSU major ONGC unveils its first quarter results on July 25, to be followed by Bharti Airtel, Maruti Udyog on July 26, while index heavyweight Reliance Industries would declare its results on July 28.

Among other firms that will announce results during the week include Hindustan Unilever Ltd, Elecon Engineering, Deccan Chronicle, Punj Lloyd and TVS Motors.

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