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Markets May Trade Range Bound Next Week
After falling for three successive weeks, the Sensex and the Nifty finally ended this week with gains, as global markets staged a smart recovery post US Fed minutes that indicated that interest rates in the US maybe hiked in Dec.
Dr Reddy's was a stock that was most volatile during the week. News that three of its plants were issued warning letters by the US FDA and reports of class action suit in the US, kept the stock under pressure.
Petronet LNG, Gail, IndraPrastha Gas saw heavy buying support. IT Stocks were also volatile, following worries over the H1B visas in the US and the warning by Infosys that margins maybe under pressure in the coming quarters. Along with Infosys, TCS and HCL Tech also lost ground.
On the global front, the week began on a bearish note, following the previous week's attacks in Paris. However, markets staged a sharp recovery with the Dow Jones back in positive territory for the year. Asian markets also gained during the week led by a rally in the Shanghai Composite and the Japanese Nikkei.
Indian markets may continue to remain volatile going forward. Much would depend on which way the parliament session, which begins on Nov 23, goes. The government is keen to push the GST bill, to ensure that it is implemented by April 1, 2016. However, it will have to face a stiff opposition from the Congress in the Rajya Sabha.
There are not too many global cues and not too many data points to watch out for. Global markets may also remain in a range and the Indian markets may follow.
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