Q1 earnings, global cues & FIIs to drive markets this week: Analysts

New Delhi: Financial results, foreign fund movement, global cues and trends in the rupee are the major factors that will drive the equity markets this week, analysts said.

Besides, international oil benchmark Brent crude movement would also influence trading in the market, they added.

"Market will react to HDFC Bank's numbers on Monday, while Ambuja Cement, HUL, IndusInd Bank and Wipro will be the other prominent names for Q1 earnings this week," Santosh Meena, Head of Research, Swastika Investmart Ltd said.

On the global front, the ECB (European Central Bank) and Bank of Japan's decision on the interest rates will be an important factor whereas the movement of the dollar index will remain a critical factor, Meena said.

"Market will also have an eye on commodity prices and behaviour of FIIs (Foreign Institutional Investors)," Meena added. HDFC Bank on Saturday reported a 20.91 per cent jump in its June quarter net profit at Rs 9,579.11 crore on the back of overall growth. On a standalone basis, its net profit increased to Rs 9,195.99 crore from Rs 7,729.64 crore in the year-ago period, but was down from Rs 10,055.18 crore in the preceding March quarter.

"In absence of any major event, we feel earnings and global cues will largely dictate the trend. We're seeing a tussle among the bulls and bears, not only in Indian markets but globally," Ajit Mishra, VP - Research, Religare Broking Ltd, said.