Stock market: Macro data, quarterly earnings to drive sentiments

New Delhi: Release of macroeconomic data and quarterly earnings are set to drive stock market sentiment this week and the countdown to the US presidential election on November 8 may add to the volatility, say experts.

Auto stocks will remain in focus amid announcement of monthly sales data.

On the macro front, PMI data on manufacturing and services sectors will also influence trading behaviour.

Investors are expected to hang on to the commentary of the US Fed on its policy review due on November 1-2.

Stock-specific action could be seen in Ambuja Cements, Titan, Union Bank and Pfizer as these companies are due to come out with their quarterly earnings this week.

"Corporate results, a shorter week and impending results of the US presidential election will keep the market in a trading range for some time," said Jimeet Modi, CEO, SAMCO Securities.

The analysts said the countdown for the US presidential election may add to volatility across the globe.

"On the domestic front, earnings of the second quarter will be watched by the market. Market could consolidate this week as it would like to wait for the result of US election which will be held on November 8," said Rohit Gadia, Founder & CEO, CapitalVia Global Research Ltd.

Over the past week, the Sensex dropped 135.67 points, or 0.48 percent, while the Nifty lost 55.05 points, or 0.63 percent.