Movement of rupee against dollar and crude oil prices will also be in focus. (Representational image/Reuters)
Last week, the 30-share BSE Sensex had lost 58.15 points or 0.09 per cent.
Analysts said domestic equity markets will be driven by quarterly earnings announcements released this week and global factors.
Apart from this, the trading activities of Foreign Portfolio Investors (FPIs) will also be monitored.
“In the domestic market, March 2023 quarterly earnings season and Karnataka assembly elections will be in focus. Asian Paints, Cipla, Eicher Motors, Larsen & Toubro and UPL Q4 earnings are in the pipeline this week,” said Pravesh Gaur, senior technical analyst at Swastik Investmart Ltd.
Gaur said movement of the rupee against the dollar and crude oil prices would also be taken into account.
“Global markets are in a quandary as all eyes are on the US regional banking system (smaller banks) which are in trouble,” he said.
Besides this, Apollo Tyres, Indian Overseas Bank and Tata Motors will announce their earnings this week.
“This week, participants will be eyeing macroeconomic data. IIP and CPI for signals on May 12. Besides this, US inflation, which is due on May 10, will also be on their radar,” said Ajit Mishra, VP – Technical Research at Religare Broking Ltd.
Last week, the 30-share BSE Sensex had lost 58.15 points or 0.09 per cent.
Markets fell over 1 per cent on Friday due to heavy selling in index major HDFC twins. HDFC Bank and HDFC both declined sharply amid reports that there could be significant fund outflows from the merged HDFC entity.
According to market analysts, the domestic market turned positive early last week aided by strong FII inflows and favorable domestic macroeconomic data.
“India outperformed most markets in April. The main reason for the better performance is the continued buying by FPIs. During the last seven trading sessions i.e. April 26 to May 5, FPIs have bought equities worth Rs 11,700 crore.
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