The market will track domestic GDP numbers scheduled on Tuesday for direction this week

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in absence of any major triggers. However, analysts said the market has already factored in the GDP number and no major impact is expected.

Among global cues, minutes from the recent US Federal Reserve policy meet are going to be watched keenly after chairman Ben Bernanke signalled that the Fed is ready to support the economy if it weakens further.

On Dalal Street, most market analysts sounded cautious and advised investors to go for defensive stocks “for the moment”.

“We believe the market will trade in a consolidation phase over the next one month. Global cues, such as minutes from the US Fed meet, may influence domestic sentiments. We doubt GDP numbers may have any significant impact as they have already been factored in. Investors should look at defensive counters like pharma stocks at this point,” said Ajay Parmar, head of institutional equities at Emkay Global Financial Services.

According to a median survey of 27 economists by Bloomberg, GDP numbers are likely to be at 8.80 per cent for the June quarter against 8.60 per cent in the previous quarter.

“We see the GDP numbers at 8.80 per cent for the June quarter. The growth will be anchored by the industrial sector, which is likely to grow at 11.50 per cent. Service sector may post about 9 per cent growth. The numbers may lose some pace, going forward, due to the high base effect,” Anubhuti Sahay, associate economist for global research at Standard Chartered Bank, told Financial Chronicle.

The US market closed with about 1.5 per cent gain on Friday. Sahay said, “If the US Fed is ready to take appropriate measures to support its recovery, then it is a welcome step for the world’s largest economy.”

The Sensex dipped 403.41 points, or 2.19 per cent, last week to end up at 17,998.41. The 50-stock Nifty tanked 121.95 points, or 2.20 per cent, to 5,408.70.

Marketwide rollover from August to the September F&O series was healthy at 82.73 per cent. “Options data shows no significant deviation of trading range, which prevailed in the August series, except that the range has widen to 5,200 on the lower side and 5,600 on the higher side,” Angel Broking said in a note to its clients.

The broking house said there could be a decline in the pace with which FIIs have pumped money into Indian equities. “FIIs have pumped in significant liquidity in the past two series and they are now showing signs of exhaustion. We don’t expect fund flow from them to continue at the same pace. The reasons for the same are weak western markets, a bounce in the dollar and a drop in crude prices. Also, FIIs have started shorting index futures along with put buying, which was not the case earlier,” the note said.

Put-call ratios of Hero Honda, Shriram Transport Finance and ABB in terms of open interest for the September expiry, stood at 20.39, 2 and 1.02, respectively on Friday, reflecting bearish sentiments on these counters.