The government on Friday extended the nationwide lockdown till May 17.
Commenting on the move, Vinod Nair, head of research at Geojit Financial Services, said, "It is not a big surprise for the market since it was expecting phase-wise reopening of the economy which is mostly in line with the latest protocol. But, more than that, the market has realised a concern, based on latest economic and corporate data, that the cascading effect on the domestic economy and corporate earnings is much more than anticipated."
"Apart from commentaries from central banks globally, markets would keenly track earnings, trend in coronavirus cases, oil price and currency movement along with global events and development around the COVID-19 vaccine," Siddhartha Khemka, head (retail research) at Motilal Oswal Financial Services Ltd, said.
Besides, markets would also track macroeconomic numbers where PMI data for the manufacturing sector is scheduled to come on Monday, while those for the services sector would come on Wednesday.
"To start with, markets will react to Reliance numbers in early trade on Monday," said Ajit Mishra, vice-president (research), Religare Broking Ltd.
Oil-to-telecom conglomerate Reliance Industries on Thursday posted its biggest-ever drop in quarterly net profit on sluggish energy business, even as it announced India's largest rights issue.
Net profit in January-March slipped 37 per cent to Rs 6,546 crore, the lowest in three years, as a rise in consumer-facing business was not enough to shield the firm from fall in the petrochemical business and inventory losses resulting from decline in global oil prices and the coronavirus lockdown leading to demand destruction.
Domestic equity markets were closed on Friday on account of 'Maharashtra Day'.
Among major earnings this week are from Yes Bank and HCL Technologies Limited.
During the last week that was holiday-shortened, the Sensex rallied 2390.40 points or 7.63 per cent.
Meanwhile, India's top carmakers, including Maruti Suzuki and Hyundai, on Friday reported zero monthly domestic sales for the first time ever in April after the nationwide lockdown halted output and shut sales network. SUM HRS