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Economic Data, Earnings To Set Market Trend: Experts
Auto stocks will also be in focus as companies start putting out sales data for April from Monday.
A batch of macroeconomic data points and quarterly earnings scorecard from blue-chips such as ICICI Bank and HDFC will underpin stock movement in the holiday-shortened week starting May 1. Stocks markets are closed on Monday on account of 'Maharashtra Day'. PMI data on manufacturing and services, due on Tuesday and Thursday, respectively, will have a bearing, experts said.
Auto stocks will also be in focus as companies start putting out sales data for April from Monday.
"With benchmark indices trading at an all-time high, the market mood this week is expected to remain cautious. Ongoing geopolitical developments and corporate earnings will dictate market trend in the truncated trading week ahead," said Vijay Singhania, founder-Director, Trade Smart Online, a broking firm.
The key companies whose earnings are lined up during the week are from companies Marico, ICICI Bank, MRF, HDFC, L&T Finance and Dabur.
"Going ahead, we expect benchmark indices to take cues from macroeconomic data, expected on Tuesday. This is likely to throw light on economic activity development," said Abnish Kumar Sudhanshu, Director and Research Head, Amrapali Aadya Trading and Investments.
On a weekly basis, the Sensex and the Nifty have rallied 553.10 points (1.88 per cent) and 184.65 points (2.02 per cent), respectively.
It has been a record-smashing week for both the indices, which scaled their life highs.
