It was a relatively quieter week for the markets in India and globally. Even on the day of the state election results, things were very quiet.
Individual stocks reacted to news specific information and results, while the benchmark indices ended the week marginally lower.
Clearly, it was stock specific action that we seen this week rather than a movement of indices either way.
Among the stocks that saw action this week was Infosys, whose shares plummeted, following whistleblower allegations that pointed to governance issues. The company has now appointed a law firm to look into allegations made by the whistleblower. If the shares continue to be in the news for all the wrong reasons, it might become a distraction for growth.
Another stock that saw wild movements was the stock of PNB Housing. On Friday, it witnessed a stellar upward movement after the company reported quarterly numbers that surprised the street. For the week the shares ended sharply higher.
Yes Bank was another stock that was volatile in trade. The stock jumped in the initial part of the week on fund raising plans and than fell right back, by the end of the week.
ITC had a good trading session on Friday, after the company reported a good set of numbers and record quarterly net profits.
Shares in Sterlite Technologies fell sharply, after the company reported its quarterly numbers. Despite the net profits rising, the shares fell after the company highlighted a cautious outlook for the second half.
Markets next week: Global cues to remain key
Global cues would remain key next week, as domestic cures remain far and few. Stocks would continue to react to their numbers as the earnings season pans out. In all probability otherwise the markets are expected to consolidate around these levels.
Most of the global markets were looking to edge higher this week and a consolidation for the global markets as well cannot be ruled out. There are not many global cues, though there are corporate numbers that are unfolding through the globe.
Indian stock markets would be open for trading on Sunday for Muhurat trading and would be closed on Monday for Diwali.