He added that on the macro front, US Q4 GDP and India's fiscal deficit data would be released. Further, heavyweights like SBI, HDFC, HUL and Maruti Suzuki would be announcing their results this week which would also keep markets busy.
"The Q3 result had solid expectations but actual results are marginally below expectation for sectors like IT and banks, leading to cautiousness in the market. We feel that this cautious trend will be maintained in the near-term since a lot has been factored in about Budget wish-list and expectation of revival in earnings growth, but the actual Q3 results (has been) below par.
"Going ahead, market direction will depend on the actual Budget announcements and performance of Q3 result. Week ahead is eventful with Union Budget, US Fed and BoE policy meets," said Vinod Nair, Head of Research, Geojit Financial Services.
The US Fed interest rate decision is scheduled for Thursday.
"This week will be dominated by Union Budget but global cues and Q3 results will also have some impact on the market. Coronavirus is a key worry for the global markets because if the situation becomes worse from here then it could result in short-term slowdown in the global economy. In terms of earnings, ICICI Bank will react to its Q3 results on Monday whereas HDFC Ltd, Maruti, Bajaj Auto will be the key earnings for this week," Santosh Meena, Senior Analyst, TradingBells said.
ICICI Bank on Saturday reported an over two-fold rise in its consolidated net profit at Rs 4,670 crore for the December quarter, helped largely by the Essar Steel recovery and a jump in its core income.
Markets would also track rupee-dollar trend and Brent crude oil movement.
During the week gone by, the Sensex shed 332.18 points or 0.79 per cent.
"The expectations are high from the Budget as market participants pin hopes for additional measures from the government to revive the economy. This is likely to drive momentum in the markets in the coming sessions. Further, the earnings announcement from corporates would also induce stock-specific volatility," said Ajit Mishra, VP - Research, Religare Broking Ltd.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.