Globalcues,GDPdatatodriveequitiesthisweek

As the Indian equity market goes on a consolidation mode, global markets along with the GDP data scheduled to be released later in the week is likely to steer the domestic stock markets going ahead.

Vinod Nair, Head of Research at Geojit Financial Services, said that the market was largely in a consolidation phase throughout the week following weak global cues.

Bears took control of the markets across the globe as worries of increasing US Bond yield and inflation kept investors' mood gloomy, he said, adding that

PSU banks outperformed during the week due to developments around privatisation, while the sector witnessed profit booking towards the end of the week.

"We expect the domestic market to continue following the global markets in the coming week due to lack of any major domestic events. The GDP data for the third quarter which is to be released towards the end of next week is expected to show signs of economic recovery adding positive momentum in Indian market," he said.

The economy is expected to record positive growth for the October-December quarter after the 7% contraction in the previous quarter. As per the recent projection by ICRA, India's GDP is expected to record a year-on-year rise of 0.7% in Q3FY21.

S. Ranganathan, Head of Research at LKP Securities noted that that week ended Friday belonged to the PSU Bank Index which rose close to 11% with Midcap state-run banks and nonlife insurers posting huge gains.