Global trends, macroeconomic data announcements and the start of the earnings season would be the major drivers for the equity markets in a holiday-shortened week, analysts said.

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Equity markets will remain closed on Thursday for Eid-Ul-Fitr. Trading activity of foreign investors, rupee-dollar trends and crude oil prices would also guide trends in markets.

"Indian companies are set to enter a new corporate earnings Q4 season this week. Leading the pack is IT services giant TCS, set to kick off the earnings season for the quarter ending March 2024.

"Its results for the fourth quarter of FY24 will be announced on April 12, 2024, after market trading hours. Apart from that India's industrial production data will also be announced on 12th April 2024. On the same day, inflation for March will be declared," said Santosh Meena, Head of Research, Swastika Investmart Ltd.

Investors will closely monitor the movement of the rupee against the dollar, crude oil prices, and investment activities of Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs), Meena added. Last week, the BSE benchmark climbed 596.87 or 0.81 per cent. It hit an all-time high of 74,501.73 on April 4.

"The outlook for the market will be guided by major global and domestic economic data, India's CPI data and IIP, US consumer inflation, US business optimism index, US initial jobless claims and ECB (European Central Bank) interest rate decision," Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd, said.

Ajit Mishra, SVP - Technical Research, Religare Broking Ltd, said this week marks the beginning of the earnings season and the focus will be on the IT majors to start with.

"This week, the focus will shift to Q4 earnings season as TCS will announce its results on 12th April. Also, markets will take cues from global events like India & US inflation data, and ECB policy meeting. Overall we expect the market to consolidate in a broader range with stock-specific action," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said.