Equity markets may witness a gradual up-move this week with some volatility as both election and earnings season are nearing their end, analysts said, adding that global trends and trading activity of foreign investors would hold significance in dictating investors' sentiment.

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Benchmark indices, which had a record-breaking rally last week, would also track global oil benchmark Brent crude and the rupee-dollar trend.

The monthly derivatives expiry on Thursday may also fuel volatility in markets.

"We have reached the final curtain for the Q4 earnings season. Many companies, including names like Tata Steel, will release their financial results this week. Positive earnings from the final quarter could provide strength to the market to continue its bullish momentum.

"We are very close to the Lok Sabha election results, and the election verdict will give a boost to FII flows," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.

The results of the ongoing general elections will be declared on June 4.

On the global front, the upcoming economic data from Japan and the US, along with movement in the global currency market, will also be important factors to consider, he added.

This week, attention will remain on elections, global cues, and the final phase of the earnings season, Ajit Mishra, SVP, Research, Religare Broking Ltd, said.

On the March quarter results front, LIC, NMDC, IRCTC, and MMTC will announce their earnings this week.

"Overall, we expect the market to witness a gradual up-move and see some volatility this week as both election and earnings season are nearing the end," said Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services Ltd.

From the domestic macroeconoic data, GDP growth rate for the June quarter will be announced on Friday. Last week, the BSE benchmark zoomed 1,404.45 points, or 1.89 per cent, while the NSE Nifty climbed 455.1 points, or 2 per cent.

The 30-share BSE Sensex hit its all-time intra-day high of 75,636.50 on Friday. The NSE Nifty breached the 23,000 mark for the first time on that day. During the day, the benchmark hit its lifetime peak of 23,026.40.

"The domestic market is reaching new highs, with largecaps playing second fiddle to the broader market rally, indicating sustained momentum in the short-term," Vinod Nair, Head of Research, Geojit Financial Services, said.

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