Q3 results, FII, rupee key for stock market this week: Experts
Feb 02 2014 , New Delhi
Besides, auto stocks will be in focus as companies from this sector will report their sales data for January.
Among major earning this week are -- Bharat Heavy Electricals, Ranbaxy Laboratories, ACC, Ambuja Cements and Tata Power Company.
"The trend that emerges for this week looks to be cautious on tech stocks, reality too should be in line of fire, banking stock holders should also tread carefully as dictate of the RBI on rates and taper by Federal Reserve may continue its impact on these shares.
"Tech stocks should be the flavour in light of spectrum auction and its impact. Range bound volatility in the market shall continue," said Praveen Nigam, MD, Amplus Consulting.
According to Milan Bavishi, Head Research, Inventure Growth and Securities: "On Monday the HSBC manufacturing PMI will be announced. This could make markets volatile because we would see movements in sectors such as engineering, metal and auto."
"Movement in USD INR will now take centre stage. An upward rise in USD-INR will restrict market's rise and can result in selling pressure building up on higher levels. It would be wise to book profits at regular intervals," he added.
On a weekly basis, the Sensex lost 619.71 points, or 2.93 per cent. This the worst show since the 1,138.11-point plunge in the week ended August 2, 2013.
In January 2014, the BSE Sensex slid 656.83 points -- the worst performance since the 725.98-point drop in August 2013.
Rakesh Goyal, Senior Vice President, Bonanza Portfolio said: "In coming week, 6,050 shall be crucial deciding level in near term, and index is likely to witness further selling below this level. Below 6,050, likely target is 5,970-5,900, while above 6,100, target is 6,150-6,200."