Analysts say that global trends and actions of foreign investors will guide the market in the holiday week

Analysts say with no major domestic triggers in sight, investors will focus on global trends and trading activity by foreign investors for further cues in the holiday-shortened week. Global oil benchmark Brent crude and rupee-dollar trends will also guide the market.

Santosh Meena, Head of Research, Swastika Investmart Ltd said, “It is a short week and no major developments are expected. However, we are expecting some sector-specific developments amid budget-related discussions. Progress of monsoon and institutional flows will be the key factors to watch.”

He said on the global front, China’s data, fluctuations in the dollar index and US bond yields will be important.

Stock markets will remain closed on Monday on the occasion of Bakrid.

“With this week being short due to holiday on Monday, participants would keep an eye on global markets, especially the US, in the absence of major events,” said Ajit Mishra, Senior Vice President (Research), Religare Broking Ltd.

Last week, the BSE benchmark rallied 299.41 points or 0.39 per cent, while the Nifty gained 175.45 points or 0.75 per cent.

The BSE Sensex hit its all-time high of 77,145.46 on June 13, while the Nifty hit its all-time high of 23,490.40 on June 14.

“The domestic markets will remain closed on Monday, while globally investors will be eyeing the Bank of England’s interest rate decision.”

Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services Ltd, said, “We expect the markets to continue their upward trend this week driven by positive macro trends, expectations of sustained government spending and policy continuity, healthy monsoon, and strong earnings.”