Domestic macro data like IIP, CPI and global cues to drive market this week

Experts said that the near-term market trend will be dictated by domestic macro data like IIP, CPI and WPI, movement of crude oil prices and currency (INR vs USD) and progress of monsoon.

Stock market this week will be guided by a host of key macroeconomic data points including the industrial production numbers for April, global cues, trend in crude oil prices and progress of monsoon, say experts.

"Going ahead, the focus would be on the US Fed policy meeting where it is widely believed that it will hike interest rates," said Sanjeev Zarbade Vice President - Research, Kotak Securities.

"Also of interest would be, the ECB meeting in which it is being expected that the monetary body may signal a path towards end of the stimulus programme. Markets would also await IIP and CPI