Quarterly earnings from bluechips like RIL and Wipro will set the tone for the stock market this week, while the monsoon session of Parliament beginning Monday will also be in focus, say experts.
"This week is likely to be driven by the earnings calendar," said Abnish Kumar Sudhanshu, Director and Research Head, Amrapali Aadya Trading and Investments.
Stock specific movement will be seen with the start of the earnings season, experts said.
"In absence of any key economic data release, focus will shift to upcoming monsoon session of Parliament and ongoing earnings season where heavyweights like Reliance Industries, Bajaj Auto, ACC, Ultratech Cement, Wipro and Kotak Mahindra Bank are scheduled to release their quarterly earnings," said Vijay Singhania, Founder-Director, Trade Smart Online.
The monsoon session of Parliament starts from July 17, which is also the scheduled date for the Presidential election.
"Stocks are expected to turn volatile just before and after the results," said Jimeet Modi, CEO, SAMCO Securities.
Markets took a breather on Friday after four back to back record-setting sessions. On a weekly basis, both key indices Sensex and Nifty rose significantly by 660.12 points, or 2.10 per cent, and 220.55 points, or 2.28 per cent, respectively.
"Monsoon progress until now has been above normal despite some softening recently, which augurs well for many rural oriented businesses.
"Consumer inflation declining further opens room for a possible interest rate cut. These factors should aid support to market going forward," said Harsha Upadhyaya, CIO Equity, Kotak Mutual Fund.Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd