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Market are likely to open firm for the week after the September quarter gross domestic product (GDP) expanded faster than what the market was expecting. At 0830 hrs, the SGX Nifty was marginally in the green, up eight points at 6,235.
As the week progresses, the focus are expected to shift to the outcomes of the elections in five states due on Sunday.
For the week ahead, analysts expect the market to find support at 6000-level and touch highs of 6230 levels. "Volatility would continue through the week until the Nifty crosses the 6300-mark," said Shubham Agarwal, vice-president senior analyst technical equities, Motilal Oswal. On Friday, the BSE Sensex ended the day up 1.3 per cent at 20,791 while the NSE Nifty closed 1.4 per cent high at 6,176. American Depository Receipts (ADRs) of Indian companies listed in the US also rose the same day post the release of the GDP data after the local trading hours.
Meanwhile, Asian shares edged lower and the dollar gave up some of its recent gains against the yen on Monday, as investors cautiously awaited key U.S. data this week and took heart from a decent reading on China manufacturing.
China's factory activity maintained steady growth momentum in November, boosted by resilient new orders, though the pace of expansion eased slightly from October, final HSBC/Markit Purchasing Managers' Index (PMI) showed.
The final PMI reading came in at 50.8 in November, down from 50.9 in October but improving from a preliminary reading of 50.4.
MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.1%, paring losses after the PMI survey, while Japan's benchmark Nikkei shed 0.2%.
Stocks to Watch
Vehicle manufacturers such as Tata Motors and Mahindra & Mahindra which may see a red tinge post the disappointing November sales numbers.
UP based sugar mills will be in spotlight as the deadlock over cane pricing between private mills and the government of Uttar Pradesh, ended on Sunday, with millers agreeing to pay the state-advised price of Rs 280 a quintal in two tranches.
ONGC will be under pressure after Gujarat High Court has directed the company to pay dues worth Rs 5,000 crore to Rs 6,000 crore to the state government towards differences in royalty of crude the PSU has extracted since 2008.
