Trading activity by foreign funds, monthly automobile sales data and global trends will also guide market movements this week.
Markets will remain closed on Monday on account of Maharashtra Day.
Analysts said the US Federal Reserve’s interest rate decision, quarterly earnings of corporates and domestic macroeconomic data will impact the next week’s holiday in the equity market.
He added that trading activity of foreign funds, monthly automobile sales data and global trends will also guide market movements this week.
Markets will remain closed on Monday on account of Maharashtra Day.
“The global picture is still torn between high growth and recession. All eyes are on the Federal Open Market Committee (FOMC) statement, which will be announced on May 3, while the ECB will announce its interest rate decision on May 4. Macroeconomic numbers will keep the market sentiment bearish in the near term.
“Besides, Indian equity markets have been receiving steady inflows from FIIs, and Friday’s record buying of Rs 3,304 crore in the cash market showed their confidence in the Indian market,” said Pravesh Gaur, senior technical analyst at Swastika Investmart Ltd.
In the domestic market, fourth quarter earnings and auto sales data will add momentum this week. Gaur said Tata Steel, Titan, Hero MotoCorp and HDFC Ltd are some of the Nifty 50 companies that will announce their financial results this week.
Other earnings to be announced this week include Adani Green Energy, Ambuja Cements, Tata Steel, UCO Bank, Adani Enterprises, Bharat Forge and Federal Bank.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The release of PMI numbers in the domestic market and quarterly earnings will influence investor sentiment in the coming sessions.”
Purchasing Managers’ Index (PMI) data for manufacturing and service sectors will impact trading in the market.
Markets may move higher in the last few sessions on improving FII buying interest, relatively better corporate earnings performance so far and fall in crude oil prices, caution may prevail and profit-booking may follow. said Amol Athawale, Technical Analyst (DVP), Kotak Securities Ltd.
Last week, the BSE benchmark jumped 1,457.38 points or 2.44 per cent.
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