Corporate earnings, foreign fund flows, and minutes of the Fed's last policy review and commentary by central bankers will take centre-stage on Dalal Street this week. Tata Consultancy Services (TCS) — India's largest software services exporter — will kick off the earnings season by the end of the week.

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The week that was

Indian equity benchmarks managed to clock weekly gains for a second straight week, led by gains in IT, FMCG, auto and metal shares though losses in pockets such as financial and oil & gas limited the upside.

A total of 35 stocks in the Nifty50 basket saw weekly gains.

Bharat Petroleum, Britannia, Mahindra & Mahindra, Nestle and Tech Mahindra — rising around 3-4 percent — were also among the top gainers.

Apollo Hospitals, Bajaj Finserv, Kotak Mahindra Bank, ICICI Bank and Tata Consumer — falling 1-3 percent — were the top laggards among blue-chip stocks.

Broader markets also saw weekly gains, reflecting the strength in headline indices.

The road ahead

Market participants will closely track the financial results of TCS for any change in guidance amid fears of a global slowdown, said Ajit Mishra, VP-Research at Religare Broking.

"The performance of global indices, changes in crude oil prices and updates on the Russia-Ukraine war will be in focus," he said.

Technical view

The Nifty50's short-term trend remains bearish even as it has outperformed its global peers, according to Yesha Shah, Head of Equity Research at Samco Securities.

She views 15,930 as a critical resistance level that needs to be taken out for the confirmation of a short-term uptrend.

"As long as the Nifty does not break above this level, traders should maintain a neutral to a faintly negative outlook. Negative global sentiments are likely to keep the market under strain till then," Shah added.

Mishra expects a sideways-to-negative bias to continue till the Nifty50 crosses 15,900 decisively towards the 16,200 zone. He sees support in the 15,100-15,350 band.

Here are the key factors and events that are likely to influence Dalal Street in the week beginning July 4:

DOMESTIC CUES

TCS will report its financial results for the April-June period on Friday. Avenue Supermarts (DMart) will post its earnings the next day.

The outcome of a PMI survey on services in the country is due on July 5.

GLOBAL CUES

FII activity

Investors will continue to monitor institutional money flow closely. Foreign institutional investors net sold Indian shares worth Rs 3.8 lakh crore in the nine months to June 2022 — a period in which domestic institutional investors made net purchases to the tune of Rs 3 lakh crore —, according to exchange data.

Corporate action