A host of macreconomic data announcements lined up during the week along with quarterly earnings from IT majors, including Infosys and TCS, are likely to dictate trends in the equity market, which kicked off the year 2022 on a strong footing, said analysts.Meanwhile, market participants would keep a close watch on various developments and news around the rising Covid cases both at the global and domestic front, they added."IT majors like Infosys, TCS, Wipro, HCL Tech and Mindtree would announce their numbers. Besides, banking heavyweight HDFC Bank result is also scheduled. On the macroeconomic front, participants will be eyeing IIP, CPI Inflation and WPI Inflation data also during the week. Amid all, global cues and updates on the COVID situation would remain on the participants' radar," said Ajit Mishra, VP Research, Religare Broking.Earnings will dictate the market trend now and participants are hopeful of an encouraging start by the IT heavyweights, he said.Though markets are currently overlooking the rise in COVID cases, extension of strict restrictions imposed by several states might dent the sentiment, Mishra added.Santosh Meena, Head of Research, Swastika Investmart Ltd, said, "Market will remain busy dealing with earnings from IT giants...On the macro front, IIP and CPI numbers will also be announced on 12th January while WPI will be announced on 14th January."He further said COVID cases are surging sharply across the world however market is complacent about it as the hospitalisation and mortality rate is very low. "Market will continue to have an eye on development regarding the third wave."Meena added that on the global front, rising crude oil prices could be a cause of concern while inflation numbers from China and retail sales numbers from the USA will be other important factors.Yesha Shah, Head of Equity Research, Samco Securities said, "The Q3FY22 earnings season will commence with large-cap IT companies reporting first. On the macroeconomic front, investors will be keeping a close eye on the domestic inflation rate, as well as inflation numbers for the United States and China."Last week, the BSE benchmark Sensex jumped 1,490.83 points or 2.55 per cent."This week will be driven by trends in the initial earnings outcome with the IT sector in focus. It is also a busy week in terms of release of macroeconomic data points like inflation data for December and manufacturing and industrial production data for November," said Vinod Nair, Head of Research at Geojit Financial Services.Investors would also watch out for movement in rupee and Foreign institutional investors (FIIs).