Earnings, WPI data, polls outcome to dictate market trend

Quarterly earnings from bluechips Lupin and ITC, wholesale inflation data and the outcome of assembly polls in five states will be the key driving factor for the stock market this week, say experts.

"Next batch of Q4 FY16 earnings, progress of monsoon will dictate the sentiments. Among macro-economic data, inflation based on wholesale price index (WPI) for April, 2016, is scheduled to be released on Monday," said Vijay Singhania, Founder-Director, Trade Smart Online.

On the political front, counting of votes for assembly elections in five states-- Assam, Kerala, Tamil Nadu, West Bengal and Puducherry -- will take place on Thursday, he added.

Among key earnings to be announced this week include Punjab National Bank, Lupin and ITC.

"We expect Nifty to remain choppy for this week given nervousness and results season," said Ravi Shenoy, VP-Midcaps Research, Motilal Oswal Securities.

"Quarterly results, monsoon indicators and global factors will dictate market sentiment in the near term," said Dipen Shah, Senior Vice-President & Head of Private Client Group Research, Kotak Securities.

In a double whammy, government data has showed that industrial production plunged to 0.1 percent in March, while retail inflation jumped to 5.39 percent in April.

Over the past week, the BSE 30-share Sensex rose by 261 points to settle at 25,489.57.