Q2 reportcard, PMI data to drive markets this week
Over the last week, the Sensex recorded handsome gains of 767.26 points or 2.37 per cent.
New Delhi: Quarterly earnings, macroeconomic data points and recapitalisation play are going to be the crucial metrics to track for the stock market this week, say experts.
"In the near term, stock-specific actions will be witnessed due to ongoing Q2 results. Going ahead, market will closely watch details of bank recapitalisation programme. Fed interest rate decision is the key event to be watchful (of)," said Vinod Nair, Head of Research at Geojit Financial Services.
PMI data for manufacturing and services sectors are due this week.
"Markets have moved up strongly in October aided by positive global cues, bank recapitalisation and liquidity support. Given the premium valuations, we expect the markets to consolidate these gains in November. Stocks that are reporting good earnings would continue to be lapped up by the investors," said Sanjeev Zarbade, Vice-President, PCG Research, Kotak Securities.
Major companies reporting their earnings this week include Lupin, Tata Steel and Union Bank of India.
Auto stocks will also be in focus this week in view of sales data announcement.
Over the last week, the Sensex recorded handsome gains of 767.26 points or 2.37 per cent -- its best weekly gain since January 27.