Macro cues pivotal for mkts this week

New Delhi With the first quarter earnings season coming to an end, the domestic equity markets would be driven by global trends and trading activity of foreign investors this week, analysts said. The movement of global oil benchmark Brent crude and the rupee against the dollar would also drive trends in the market.

“Macroeconomic indicators, trends in global stock markets and FII activities will be pivotal in shaping market trends in the coming days,” Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd, said. The market will react to some key global events such as the US existing home sales, initial jobless claims, and Eurozone S&P global composite PMI,” said Arvinder Singh Nanda, senior vice--president at Master Capital Services Ltd.

“With Fed Chair Jerome Powell's speech and more macro data lined up globally this week, we expect domestic as well as global markets to remain under pressure. Also, RBI would release its meeting minutes on Thursday. However, action is likely to continue in the broader market along with sectorial rotation. Index heavyweight Reliance would be in focus as Jio Financial Services is set to be listed on Monday,” said Siddhartha Khemka, Head - Retail Research at Motilal Oswal Financial Services Ltd.