Global trends to dictate markets this week

New Delhi: With no key events due in a holiday-shortened week, markets would take cues from global trends and would also track developments related to coronavirus that has dampened investor sentiment, say analysts.

Equity markets would remain closed on Friday for Mahashivratri.

"Going forward, markets may remain range-bound due to lack of trigger or major event domestically. It would closely watch the developments with regards to the coronavirus and may remain under pressure in the near term," Siddhartha Khemka, head (retail research), Motilal Oswal Financial Services Ltd, said.

Santosh Meena, senior analyst, TradingBells, said, "Coronavirus is still dominating as a key factor in the global market and it will continue to remain a dominant factor for this week as well. Third quarter earnings season has almost end where the movement of the global market will have a major impact on the Indian market."

From the global front, the Federal Open Market Committee (FOMC) minutes on Thursday would also be eyed. Last week, the Sensex climbed 115.89 points or 0.28 per cent.

Markets had spiralled lower on Friday mainly dragged by banking shares which slumped after the Supreme Court took a strong note of telecom companies not complying with its order to pay Rs 1.47 lakh crore in statutory dues.

"With the fag-end of the result season and no key events in the near future, markets would largely take cues from the domino effect of forthcoming challenges due to coronavirus," Jimeet Modi, founder & CEO, SAMCO Securities & StockNote, said. Markets would also track movement in the rupee and crude oil.