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Investors in Indian equity will eye overseas markets and Oct-Dec earnings for clues next week. Investors will wait to see some policy action from the government as the Union Budget for 2013-14 (Apr-Mar) is round the corner. The Budget session of Parliament will begin on Feb 21. The Railway Budget will be presented on Feb 26 and Union Budget on Feb 28.
National Stock Exchange's 50-share index today ended below the psychological 6000 mark for the first time since Jan 11 at 5998.90, down 35.85 points or 0.6% from Thursday's close. Major support for the Nifty lies at 5950 below which long liquidation may bring the Nifty towards its second highest put base of 5800.
Among stocks, some weakness may persist in Bharti Airtel after the company posted disappointing quarterly earnings yesterday. Tata Motors could fall on Monday as its total vehicle sales declined 29.5% from a year ago to 61,660 units in January. Hero MotoCorp, Ashok Leyland, and Bajaj Auto are yet to detail their monthly sales data.
Next week, Bank of Baroda, Jain Irrigation Systems, Jubilant FoodWorks, United Spirits, UCO Bank, United Bank of India, Apollo Tyres, Jindal Saw, Tech Mahindra, ACC, Ambuja Cements, Canara Bank, Hindalco Industries, Mahindra & Mahindra, and Sun Pharmaceutical Industries will detail their quarterly earnings.
