Stock market trading activity will be guided by a host of macroeconomic data announcements scheduled for the week, excluding global trends amid lingering concerns about high inflation, analysts said.
Foreign institutional investors (FIIs), a key driver for Indian markets, would also be monitored for signals, she added.
“The market will remain preoccupied with macro data this week, with GDP, auto sales and PMI data being factors on the domestic front, while PMI data from several countries and unemployment data from the US will be key global macro data.
“Amid all this, the movement in the dollar index and crude oil prices will continue to impact market volatility. FIIs are still in sell mode where it will be interesting to see if they buy anything on the Indian market amid improved sentiment,” said Santosh Meena, head of research, Swastika Investmart Ltd.
In the latest earnings series, companies like Aurobindo Pharma, Jindal Steel and Sun Pharma will release their numbers.
“This week also marks the start of the new month, and participants will closely monitor key high-frequency data such as auto sales, manufacturing, and services PMI data. Before then, GDP data, scheduled for May 31, will be centralized. Apart from this, updates on monsoon progress also remain on the radar,” said Ajit Mishra, VP – Research, Religare Broking Ltd.
Last week, the Sensex jumped 558.27 points or 1.02 percent and the Nifty gained 86.30 points or 0.53 percent.
Vinod Nair, Head of Research at Geojit Financial Services, said: “By the end of last week, the market was able to recoup its losses following favorable US retail gains and reduced FII sales. The actions taken by the Fed and RBI in June will be an important factor.” In addition, the movement of Brent crude and rupee against the US dollar would also be followed by investors.
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