The stock market snapped its two-week gaining streak as the Sensex fell 231.52 points to 25,606.62.
Domestic stocks will take cues from the next batch of quarterly earnings from blue-chips, including HDFC and Hero MotoCorp, and investment trends by overseas investors for further direction, say experts.
Besides, auto stocks will be in focus amid monthly sales data announcement.
“Trend in global markets, investment by foreign investors, movement of crude oil and the next batch of fourth quarter results of companies like HDFC, Adani Ports and Hero MotoCorp will dictate trend of the market in the near term,” said Rohit Gadia, founder and CEO, CapitalVia Global Research.
Also, purchasing managers’ index (PMI) data for services and manufacturing sectors are due this week, which will have some bearing on trading.
“The market is in correction mode and should continue for some more time. Corporate results are not up to expectations and have already been discounted, thus leaving little room for a near-term upside,” said Jimeet Modi, CEO, SAMCO Securities.
“All eyes will be on the political front as developments in Parliament session will be closely watched,” said Vijay Singhania, founder-Director, Trade Smart Online.
“We believe we are in a consolidation phase after the big rally and investors are pausing, digesting the rally and will move depending on how the earnings pan out.”
Meanwhile, the stock market snapped its two-week gaining streak as the Sensex fell 231.52 points to 25,606.62.