The coming week will see the markets reacting to the Rs.20 trillion rescue package announced by the government. Global concerns could be an overhang. Here are cues.

· Trump imposing indirect sanctions on Huawei is likely to increase risk perception for equities and worse the Sino-US trade war situation

· Select industries like housing finance, NBFCs, rural oriented sectors, power companies and mining companies are likely to see buying interest

· Lockdown is being extended to May 31 in key geographies. The rising COVID-19 cases (crossed China) will raise the spectre of further lockdowns too

· Reliance Rs.53,125 crore rights opens on May 20 but the partly paid approach will ensure that market liquidity is not sucked up

· All eyes will be on the Vedanta board meeting to see if the delisting price is improved. Else, it could take all metal stocks lower

· Earnings announcements from Bharti Airtel, Bajaj Finance, Bajaj Auto, UPL, Ultratech and Avenue Supermarts will drive market trend

· A major oil related risks this week could the WTI futures settlement on 19 May, after the CFTC warned of another negative price possibility

· Nifty 9000 remains critical support but accumulation in 8500 puts shows clear signs of markets weakening further

· Market direction in the week will also depend on global data points like US jobs data, housing, FOMC minutes, EU manufacturing, Japanese IIP etc

· The $22 sell-off by RBI in US Treasuries is a sign of RBI ready to support rupee, which was visible last week. That will avoid a worsening FII sell-off

· Fiscal deficit could be the joker in the pack. If GFD gets closer to 7.9% of GDP, a sovereign downgrade remains a big risk for markets

While the reform package will be a boost, the real trigger will be global with most of the domestic cues already done.