Investors' focus will move to global trends and developments on the COVID-19 pandemic front amid lack of any major domestic trigger in a holiday-shortened week ahead, analysts said.
Over the past week, the BSE benchmark Sensex jumped 1,744.92 points or 4.16 per cent, and the NSE gauge Nifty advanced 516.70 points or 4.20 per cent. Both benchmarks surged to lifetime highs on Saturday in the special Muhurat trading session to mark the beginning of Hindu Samvat year 2077.
The BSE and NSE will remain closed on Monday on the occasion of 'Diwali Balipratipada'.
"This week is a holiday-shortened one and we believe global cues will be in focus as there are no major domestic triggers and corporate earnings season is almost over," said Ajit Mishra, VP - Research, Religare Broking Ltd.
Trend in coronavirus, with rising cases of infections in the US and Europe will also be influencing market sentiment, he added.
Globally, over 13 lakh people have died so far from COVID-19 as of November 15, 2020; while 5.44 crore people have been infected from the virus, official data suggests.
In India, the total number of coronavirus cases mounted to 88,14,579 with 41,100 of those reported in a day, while the death toll climbed to 1,29,635 with 447 new fatalities.
"Market is currently in a stable state and is looking forward to this week's WPI data release," Vinod Nair, Head of Research, Geojit Financial services said.
Investors will also monitor other major market drivers -- rupee-US dollar trend, movement in Brent crude and investment pattern of foreign institutional investors.
"Going ahead investors will keep an eye on COVID-19 and vaccine development," said Sumeet Bagadia, Executive Director, Choice Broking.
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