NEW DELHI: Stock markets are likely to see a lacklustre week in the absence of any major trigger and will increasingly take stock-specific direction from the outcome of December quarter results, analysts said. Blue-chips such as TCS, HCL Technologies, Wipro, Reliance Industries, JSW Steel and HDFC Bank will announce their quarterly results this week. Ads by Google "These results will be keenly watched and will have a further bearing the markets," an expert said. Market participants are, however, not bullish on earnings report card of corporate India and feel the results are largely set to disappoint as most of the companies have been reeling under the impact of slowing growth and high borrowing costs. "Against the backdrop of a perceptible slowdown in the macro-environment, India Inc faces another tough quarter as the Q3 results estimates point to a tepid 3.3 per cent PAT growth for Sensex companies. Earnings growth for the quarter is likely to be weak," Edelweiss Securities said in a report. On positive side, there are growing expectations of RBI easing rates in view of a decline in inflation. "Markets will increasingly take stock-specific direction from the outcome of December quarter results. Expectations are also building up that RBI could ease its stance in the policy, however, bounce back in IIP number has now created divergent opinions. "Positives are already getting factored in and any negative surprise would result in markets reversing its direction," Milan Bavishi, Research Head at Inventure Growth and Securities, said. Food inflation was negative zone to for the second consecutive weeks ending December 31. "It will be a weak week for the stock markets and there is very less scope for any major surprises in the result season as the upward move in the last week or so has removed any major chances of an upside swing," IIFL President (Retail Broking) Prashanth Prabhakaran said. Increased buying by foreign funds and amid hopes of a cut in key interest rates by RBI had pushed up the BSE benchmark Sensex by 306 points last week. Market observers also said that the upcoming election outcome and the Budget will be the key triggers for equities in the short-term once the earnings season concludes.