NEW DELHI, May 28: Trading sentiment in the stock market this week would be determined by announcement of macroeconomic data, progress of good monsoon and last leg of quarterly numbers from blue chips like Coal India, L&T and NTPC, say experts.
This week, the market could trade sideways since it is already at a high and further movement only could come on the back of early arrival of pre-monsoon shower along with better GDP number, said Abnish Kumar Sudhanshu, Director and Research head, Amrapali Aadya Trading & Investments.
Major earnings due this week are from BPCL, Coal India, NTPC, L&T, Power Grid, Hindalco Industries and Mahindra & Mahindra.
“With corporate earnings now nearing an end, focus will shift to how implementation of GST pans out. Of course, progress of monsoon will be another key factor to watch out in the coming days. Expectation of continued improvement in earnings coupled with strong inflows will continue driving the market,” said Vijay Singhania, Founder Director, Trade Smart Online.
Trading sentiment would also be influenced by PMI data for manufacturing sector to be announced on Thursday, experts said.
“With F&O expiry out of the way, all focus will now shift on how monsoon progresses and global cues,” Singhania added.
Among sector-specific activity, auto stocks will be in focus, as companies will start reporting sales data for May, starting from Thursday.
It was the third straight week of gains for the key indices. The Sensex rose by 563.29 points, or 1.84 per cent, while the Nifty finished the past week higher by 167.20 points, or 1.77 per cent. (PTI)
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