Q4 GDP estimates, manufacturing PMI, rupee movement to dictate market trend

Over the last week, the Sensex recorded 131.39 points, or 0.38%, rise; while Nifty gained 38.75 points, or 0.37%

Trading sentiment in the stock market will be driven by macroeconomic data and movement of rupee against the US dollar in a holiday-shortened week ahead, say experts.

Stock markets are closed on Friday for the Holi.

"Investors are waiting for fresh triggers to get direction. The sustainability in the global market is another key factor which may influence domestic investor sentiments. For the week ahead, key data to be watchful are Q4 GDP estimate and manufacturing PMI data," said Vinod Nair, Head of Research, Geojit Financial Services.

PMI data for the manufacturing sector is due on Wednesday.

"Enough of negative publicity in the PNB fraud case has percolated down on the street. The same is therefore extensively discounted and behind us. Considering the size and scale of the Indian banking system PNB event cant stop the countrys growth prospects per se. This will soon be forgotten and market will move ahead as some value has emerged for short-term buyers," said Jimeet Modi, Founder & CEO, SAMCO Securities.

Domestic stock markets faced selling pressure recently amid continued worries about the fallout from a massive Rs 11,400 crore fraud that hit Punjab National Bank.

Over the last week, the Sensex recorded 131.39 points, or 0.38 per cent, rise; while Nifty gained 38.75 points, or 0.37 per cent.

"This week is holiday-shortened as the markets are closed on Friday for Holi. However, there will be a lot of data that will be on tap next week," said VK Sharma, Head Private Client Group & Capital Market Strategy, HDFC Securities.

Angel Broking, Chief Analyst-Technical and Derivatives Sameet Chavan said, "This weeks weakening in Indian Rupee (INR) against the US Dollar was clearly an alarming sign for our market. So, one should keep a close eye on this development as well along with US markets.