Macroeconomic data, IIP and inflation, will drive stock market sentiment in a holiday-shortened week ahead, say experts.
Stock market will remain closed on Tuesday on account of “Bakri Id”.
“Macroeconomic data, progress of monsoon rains and trends in global markets will dictate trend on the stock markets in a truncated trading week ahead,” said Vijay Singhania, Founder-Director of Trade Smart Online.
IIP and inflation data are slated for this week which may also influenced trading sentiment.
Inflation data based on Consumer Price Index (CPI) for August and Index of industrial production will be released on Monday, while wholesale price index (WPI) is scheduled for Wednesday.
“After the recent surge, we would see traders preferring to book some profit at the higher, which will add to market pressure in the coming week. We think, its normal to see a pause or consolidation around the record high level’s,” Singhania added.
Coal India’s Q1 results is also scheduled for this week.
Over the past week, the Sensex climbed 265.14 points or 0.92 per cent and the NSE Nifty rose 57.05 points or 0.64 per cent. Both indices recorded second weekly gains.