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Dalal Street is expected to remain range-bound this week and corporate earnings and global cues, especially developments related to Greek debt turmoil, are likely to set the tone, say experts.
The week will see stock-specific activity amid second quarter earnings announcements. Besides, news from Greece, rupee movement, eurozone crisis, US job data will again dominate markets this week, market analysts said.
“Market is trading in a very small range, there will be volatility and market will take cues from how the euro zone and how Greece problem is going to be resolved. Any negative news is sharply going to hammer down the market. The undertone of the market will be range-bound and weak,” Ashika Stock Brokers Research Head Mr Paras Bothra said.
Unicon Financial’s CEO Mr Gajendra Nagpal, however, believes that “markets have more or less discounted the euro zone crisis. Markets will be stable with the undertone being cautiously bullish“.
The way the markets have closed on Friday, gives the feeling that Dalal Street will take a breather and will be range-bound, Mr Nagpal added.
The BSE benchmark Sensex lost 242.19 points to end the week at 17,562.61. However, the Sensex had on Friday surged by 80.68 points, with 22 of its components closing in the green.
The coming week is a truncated one, as the stock market will remain close for two days — on Monday, November 7 on account of Bakri-Id and on Thursday, November 10 on account of Guru Nanak Jayanti.
State Bank of India will be under focus ahead of its results on November 9, and the two-day strike called by its officers.
The All-India State Bank Officers Federation (AISBOF) has served a notice to observe a two-day countrywide strike on November 8 and 9 in pursuance of certain demands.
The week will see stock-specific activity amid second quarter earnings announcements. The coming week will see unveiling of quarterly results by Reliance Infrastructure, Reliance Power, Ranbaxy, Indian Oil Corporation, Power Finance Corporation, DLF, Tata Steel, Hindalco Industries, Mahindra Satyam, Reliance Capital and Coal India among others.
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