Stock markets would take cues from the monthly data announcement of the country’s services sector, global trends and quarterly numbers of bluechips ONGC, Gail and Coal India in a holiday-shortened week ahead, say experts.
Stock market will remain closed on Monday on account of Ganesh Chaturthi.
“Global cues, macroeconomic data and progress of monsoon will dictate market trend in the truncated trading week ahead,” said Vijay Singhania, Founder-Director, Trade Smart Online.
Stock market will also look forward to the new RBI governor.
“We foresee the coming week to remain eventful on account of the release of US non-farm payroll data last week coupled with joining of new RBI governor,” said Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments.
In absence of any major trigger, participants will continue to find trades on stock specific front, he added.
“With valuations getting expensive and lack of fresh trigger we will see consolidation at current levels before making the next move forward in the coming weeks,” Singhania noted.
“Quarterly result announcement of some of major companies like Oil and Natural Gas Corporation, Gail, Coal India, BHEL and SAIL are likely to add to the volatility and will set the investor sentiment,” said Rohit Gadia, Founder & CEO, CapitalVia Global Research Ltd.
Market movement is likely to be influenced by the US non-farm payrolls data, he added.
At the domestic front, data for the services sector for August is due on Monday which may influence sentiment when the stock market opens for trading on Tuesday.
In the stock market, over the past week, the Sensex climbed 749.86 points or 2.69 per cent and the NSE Nifty soared 237.10 points or 2.76 per cent, biggest weekly gains in over two months.