Indian benchmark indices ended the week lower, as markets sold-off during the week, following the Reserve Bank of India (RBI) monetary policy. The Sensex shed almost 723 points during the course of the week or almost 2.4 per cent.
The fall was led by stocks from the autos and IT space. Infosys dropped ahead of its quarterly results due later next week.
Ipca Laboratories tanked nearly 20 percent on Friday after it was decided not to source any anti-malaria drug from the company due to USFDA warning letter. Shares of NBCC also saw good buying support this week, with the stock ending higher. Cement and sugar stocks also saw buying support with Sagar Cements gaining as much as 20 per cent on Friday, followed by huge rallied in NCL, Deccan Cement, Gujarat Sidhee Cements etc.
The markets are expected to be volatile next week, given the commencement of the quarterly results by companies. Infosys kick-starts the earnings season with its quarterly results on Friday. Most analysts expect the company would report a good set of quarterly results.
Markets will move in a range and take cues from global developments next week. Analysts say any fall, would be a good buying opportunity for long term investors.