Week Ahead: Market likely to see stock specific activity

The euphoria over BJP’s resounding victory in Uttar Pradesh assembly elections is likely to keep investor sentiment upbeat for some more time and this could well drive stock prices further up north on the Indian bourses in the coming week.But then, some profit taking is not unlikely, given the fact that the reporting season is not far off. The market will be watching closely the proceedings in the budget session of the parliament for some triggers.The rupee recorded a 16-month high against the U.S. dollar last week and further strengthening of the currency would augur well for the market, although the IT space might find the going a bit tough.After last week’s promising debut of Music Broadcast, the coming week could see Avenue Supermarts making a fine debut.The market will be tracking global economic news and the trend in crude oil prices for direction, besides tracking corporate news.The U.S. markets ended flat on Friday amid a lack of positive triggers. This is likely to set up a subdued start for markets across the Asian region on Monday, and the mood in the Indian stock market may not be any significantly different to start with.