Stock market this week will weigh in on August services sector data and largely look up to global trends for direction, say experts.
Investors will also digest the Cabinet reshuffle announced yesterday, they added. "On the domestic scene, we feel the lower-than-expected April-June GDP data, in an economy which is already witnessing low corporate earnings, would carry a negative overhang. In addition... The Cabinet reshuffle would also have a bearing on the markets in the week ahead," said Arun Gopalan, Head, Research and Funds, Wealth Management, Systematix Shares and Stocks.
PMI data for the services sector for August is due on Tuesday, which would dictate market sentiment, analysts said.
"While a lot of economic numbers will be thrown at the markets this week, they are unlikely to stop the markets from moving ahead. The chief among them is the ECB meeting," said V K Sharma, Head PCG and Capital Market Strategy, HDFC Securities.
"Any positive development in the global market and prolonged buying from domestic mutual funds and DIIs will keep a positive vibe in the market," said Vinod Nair, Head of Research, Geojit Financial Services.
Markets may on Monday react to the US jobs data which came out on Friday. Over the last week, both the Sensex and the Nifty surged 296.17 points, or 0.93%, and 117.35 points, or 1.19%, respectively.