Indian Markets Outlook for the week – 17.11.2014 to 21.11.2014
( www.rupeedesk.in )
Benchmark indices are
expected to trade with a positive bias, though further rise
in the market will be
limited due to a lack of major triggers for the market as the
corporate
second-quarterly result declaration season nears close. The Nifty may
extend gains next week
and go up to 8450 points, at which level it may see
some correction.
Yesterday, the benchmark
indices ended at record closing highs with the Nifty
ending at 8389.90, up
32.05 points or 0.4% from close Thursday and S&P BSE
Sensex ending at
28046.66, up 106.02 points, or 0.4%.
Metal stocks such as
Jindal Steel and Power, and Hindalco Industries are seen
continuing to rise next
week. Hindalco Industries ended up 3.5% yesterday and
Jindal Steel and Power
ended up 4.1%. Metal stocks are important participants
of the current rally and
gains in these stocks will sustain for the medium term.
Stocks of oil marketing
companies such as Hindustan Petroleum Corp, Indian Oil
Corp and Bharat Petroleum
Corp are expected to trade with a negative bias after
the announcement of the
hike in tariff duties on both unbranded petrol and
diesel by 1.5 rupees per
ltr each.
Stocks of Tata Motors,
that declared its Jul-Sep earnings after market hours
yesterday, are expected
to fall on Monday as the company posted belowestimate
result. The company
posted a consolidated net profit of 32.91 bln
rupees as against an
estimate of 47.6 bln rupees. Disappointing result from the
company's standalone
business has been offset by good business from the
company's UK arm Jaguar
Land Rover. JLR's net profit for Jul-Sep was at 450
mln pound sterling as
against 507 mln pound sterling for the same quarter last year.
Stocks of HDFC Bank are
set to soar next week on news that the Foreign
Investment Promotion
Board has cleared HDFC Bank's investment proposal to
hike foreign holding in
the bank to 74% after including its promoter HDFC's stake as foreign holding.
