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Domestic equities will primarily be driven by macro-economic data, vaccination news and quarterly earnings this week, according to analysts.
The past week saw the benchmark indices Sensex and Nifty hitting record levels on a daily basis, buoyed by positive global trends and news around rollout of coronavirus vaccination.
On a weekly basis, the Sensex advanced 895.44 points or 1.90 per cent, while the Nifty climbed 269.25 points or 1.95 per cent.
Ajit Mishra, VP-Research, Religare Broking Ltd, said, "Among the key events, earnings season starts this week with IT major TCS results scheduled on January 8. On the economic front, participants will be eyeing the PMI manufacturing and services data. The overwhelming foreign fund inflow is helping markets to inch higher."
He, however, added that the movement in the benchmark lacked decisiveness last week and there may be some profit-taking or consolidation going ahead.
Siddhartha Khemka, Head-Retail Research, Motilal Oswal Financial Services Ltd, said, "December quarterly results and Union Budget will be some of the key event for the market."
Vinod Nair, Head of Research at Geojit Financial Services, said, "The trend in the market will be based on the upcoming corporate earnings release. IT and banking stocks will be in the limelight as major companies in these sectors are expected to kickstart the result season in the coming days."
Improvements in corporate earnings in the upcoming result season will keep the market buoyant, Nair opined.
Nirali Shah, Senior Research Analyst, Samco Securities, said, "Market would take cues from global economy especially the US wherein the political transition will witnessits final leg of drama which would drive momentary market movements. With India Inc's result season commencing, quarterly performance would keep markets buzzing withand IT pack would be first hitting the markets which are largely expected to register fine show."
Market gauges BSE Sensex and NSE Nifty finished the year 2020 with overall gains of around 15 per cent. The Sensex gained 15.7 per cent while the Nifty jumped 14.9 per cent in the year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
