Market movement this week will be influenced by updates on the COVID-19 front, the announcement of macroeconomic data, quarterly results and global trends, analysts said.

They also added that state election results are unlikely to have a major impact on markets and that the main determining factor will be the increase in COVID-19 cases and the way in which governments (at the both central and state) will resolve this health crisis.

The ruling Trinamool Congress was ahead of the BJP in the heavily guarded West Bengal state, while the Saffron-led NDA led in Assam and the DMK in Tamil Nadu, according to the latest trends in government. Assembly polls.

In Kerala, the ruling LDF leads in 88 of the Assembly’s 140 constituencies while the Congress-led UDF leads in 50 segments.

Geojit Financial Services chief investment strategist VK Vijayakumar said: “The election results are unlikely to have an impact on the markets. The value of the news will not last more than a few hours. The main determining factor is will be the increase in COVID-19 cases and how governments (both central and state) will cope with this tragic health crisis. ”He added that if the growing burden of COVID-19 cases led to disaster major and another nationwide foreclosure was declared, the market would be badly affected. “So be careful COVID-19 matters more than the vote matters.” The counting of votes for the Assembly ballots in four states and one Union territory is underway as the country grapples with a raging COVID-19 pandemic.

Ajit Mishra, vice president of Religare Broking (Research), said: “We expect volatility to remain high this week as well. First, participants will react to results from Reliance Industries which arrived after market hours on Friday. The election results of the 5 states will also be the focus. ”He added that on the economic front, data on the manufacturing and services PMI is expected on May 3 and 5 respectively.

“It goes without saying that updates related to COVID-19 cases, the vaccination campaign and global signals will also be closely followed.

“The results season will also gain ground and some big names like Kotak Mahindra Bank, Hero MotoCorp, Tata Steel, Dabur and HDFC will announce their results along with several others,” said Mishra.

Reliance Industries on Friday reported more than doubling its net profit for the March quarter, as consumer retail and telecommunications companies as well as petrochemicals saw a sequential recovery on improving spreads offsetting continued weakness in refining activity.

Samco Securities Head (Equity Research) Nirali Shah said, “This week’s national stock exchanges are expected to be influenced by two factors: quarterly results and new restrictions on the increase in COVID-19 cases.” Other big profits to be announced this week are Adani Ports and Special Economic Zone, Adani Enterprises, CEAT and Adani Power.

Major automakers Maruti Suzuki, Hyundai Motor, Tata Motors and Kia on Saturday announced lower passenger vehicle sales in April compared to March this year as the second wave of the coronavirus pandemic hit shipments.

However, Mahindra & Mahindra as well as Honda Cars India saw sequential growth in passenger vehicle sales last month.

Last week, the 30-stock BSE benchmark gained 903.91 points or 1.88 percent.