Markets were rangebound for another week with the Sensex trading near the 28,000 points mark for another year.
It is likely that the indices will trade in a range the next week as well. The markets would be closed on Monday for Diwali and hence it is a truncated week.
Banking stocks on the other hand saw some buying interest with stocks like ICICI Bank surging, though on Friday there was some selling pressure.
After a long time we are witnessing a bout of selling pressure from (Foreign Portfolio Investors) FPIs. In fact, they have pressed sales from the beginning of the week. One reason could be the poor corporate numbers and sales in select stocks. For example, the results of Axis Bank were a howler and there must have been some dumping by FPIs in the stock.
Going forward next week individual stocks would react to their numbers. Eagerly awaited would be some of the big banking numbers, including those from some PSU banks like Bank of Baroda and Punjab National Bank. Investors would look to see, if there is any improvement in the non performing assets of the banks.
Markets would also take cues from international markets. Stocks in the US fell sharply on Friday, after reports that the FBI would investigate more Clinton mails. There was panic selling on worries that it could impact the outcome of the US Presidential election. So, watch also for sudden such cues.