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Markets likely to trade in a range next week
The "Vote on Account" turned out to be a non event, with the markets rallying after the event and then giving up the entire gains on Thursday.
One interesting aspect of trade during the week has been the return of foreign funds. On Thursday they net bought in equities to the tune of more than Rs 600 crores and on Friday they net bought again to the tune of more than Rs 600 crores.
Domestic institutions who were net buyers the previous week, have suddenly turned net sellers. On Thursday and Friday they net sold in the cash market.
In stock specific news, Shree Renuka Sugars fell during the week, after its reported deal with the Wilmar group was not appreciated by investors. Banking stocks had a good week after the "vote on account" suggested that there would be no additional borrowing.
Cement stocks were in the limelight on Friday and individual stocks surged more than 4 per cent on renewed buying interest. HCL Tech also saw renewed buying interest after reports that Shiv Nadar is likely to sell his stake in the company. This was of course denied by the company.
Going into next week there are no major cues and markets would look to international developments for cues. Internationally too, economic data from around the globe would be closely watched.
The biggest event next week globally will be the appearance by Fed Chair Janet Yellen before the Senate Banking Committee on Thursday. If she has any comments on QE3 it may alter the direction of markets.
Domestically, there are not many cues and it could be another week of quiet trading.
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