MUMBAI: After a boost in sentiments led to a gain of over 800 points of nearly 2.9 percent in a key equity market index during the trading week ended July 17, all eyes will now be on the first quarter results and further economic reforms, analysts said.

Of particular interest will the upcoming monsoon session of parliament where the passage of the relevant amendment bill to introduce a pan-India goods and services tax regime can boost the sentiments even further, the analysts added.

Mood can also be lifted by finance ministry providing more clarity in the cabinet decision that combines all sources of capital from overseas, such as direct investment, or by foreign funds - into a composite head for ascertaining foreign equity cap.

"Again, our markets have shown reluctance to move lower as disappointing Index of Industrial Production (IIP) numbers released on the previous weekend were completely shrugged off in Monday's trade," Angel Broking said in its review.

"The near term major trigger for the market is the June 2015 quarter corporate earnings. The focus will be on guidance from the company managements on outlook for the remaining part of the year and for the next year," said another Brokerage.

It listed upcoming corporate earnings for the June 2015 quarter, developments in parliament, progress of monsoon, global markets, foreign and domestic funds' positions, rupee movements and oil prices to dictate the trend on the bourses in the near term.

"The near term major trigger for the market is the June 2015 quarter corporate earnings. The focus will be on guidance from company managements on the outlook for the remaining part of the year and the next year," the brokerage added.

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