The last week was an eventful week amidst volatility the market had a decent run up till expiry though negative global clues led the market to lose some of its gain. This week we have lot more to see in which way the market is going to turn up.
Last week BSE IT Index was the top gainer On the Sectoral index rising 5.8 percent for the week while BSE consumer durable, BSE Capital Goods and BSE metal index top losers loosing 4.3 percent, 3.7 percent and 4.5 percent respectively. We have seen a strong rollover in textiles, hotel, media, transport and sugar while cement fertilizers and FMCG had a poor rollover in the Oct series.
On the positive side the highest change in prices was seen in JP associates, Bombay Dyeing, Arvind Mills, DLF and Hexware Technologies. Among the top losers were Pantaloon Retail, Fortis Healthcare, Sun TV and IFCI.
There has been a slowdown in past few quarters due to rising rates & downgrades on earnings of India’s corporate houses. We expect this Nifty to range around 5175-520 before the earnings are out. On the other side companies there may be significant downside for the company which comes out with disappointing results. Markets this week are very much dependent on the global front. The global economic data of the following will decide the trend of the Indian markets such as ADP Nonfarm Employment change, ISM manufacturing Index, Non Farm payrolls & Unemployment rate in US, Interest rate decision in United Kingdom and Europe.
“Bell the bull says: Rising Interest rate and depreciation in Rupee might dampen this quarter earnings.”