INSUBCONTINENT EXCLUSIVE:
Domestic stock markets finished the holiday-shortened week with a gain of more than one per cent, with the benchmark indices S-P BSE Sensex
and NSE Nifty climbing up and down on two days each
The financial markets remained closed on Tuesday for Dussehra
The Sensex index added 453.77 points for the week, marking a rise of 1.20 per cent
The broader Nifty benchmark rose 1.17 per cent (130.3 points), after declining 2.93 per cent the previous week
The week was marked with earnings announcements from IT majors Tata Consultancy Services (TCS) and Infosys, and macroeconomic data.Financial
and metal sectors led the gains with the Nifty Bank index - comprising stocks of 12 major lenders in the country - rising 1.12 per cent,
after declining 7.18 per cent the previous week.IndexWeekly changeNifty Metal+1.74%Nifty Financial Service+1.40%Nifty Bank+1.12%Nifty
Private Bank+0.79%Nifty Fast-Moving Consumer Goods+0.29%Nifty Media-0.04%Nifty Auto-0.11%Nifty IT-0.12%Nifty PSU Bank-0.32%Nifty
Realty-0.34%Nifty Pharma-1.60%Bharti Airtel shares jumped after Reliance Jio said it would end free voice calls on its network
which would be the first full trading week of the month."The trend should be bullish in the week ahead with a 500-point rally to touch
11,800 possible for the Nifty
Going forward, the Nifty is expected to clock an all-time high by Diwali," AK Prabhakar, head of research at IDBI Capital, told
TheIndianSubcontinent.This week, TCS reported a net profit of Rs 8,042 crore for the second quarter of current financial year, missing
Shares fell as much as 3.76 per cent to hit Rs 1,929 apiece on the BSE on Friday, before trimming most of those losses to end the session at
Rs 1987.05.Infosys reported a net profit of Rs 4,037 crore for the July-September period, matching analysts' estimates
The company said it expected its revenue to grow 9-10 per cent on a constant currency basis in the current financial year, higher than its
previous forecast of 8.5-10 per cent
Infosys shares ended 4.19 per cent higher at Rs 815.70 apiece on the BSE ahead of the earnings announcement on Friday."Infosys came out with
good results which were in line with market expectations
Management also revised its full year guidance upwards which would life the market sentiments on Monday," said Siddhartha Khemka,
head-retail research, Motilal Oswal Financial Services.Analysts say the release of more earnings reports along with official data on
inflation will be watched closely
Large cap companies including Hindustan Unilever, ACC and Wipro are due to report their quarterly earnings in the coming week."We certainly
believe corporate number will largely guide mood of the market for the coming week," said Jimeet Modi, founder and CEO, SAMCO
Securities."Hopefully this earning season will revive investors' sentiments in the market and will bring back long forgotten bull spirit of
foreign portfolio investors (FPIs)," he added.Foreign investors have net sold equities worth Rs 4,955.29 crore ($698.22 million) so far this
month as against a net purchase of Rs 7,548 crore last month, data from the National Securities Depository showed.Official data on wholesale
as well as retail inflation will be out on Monday.Moreover, any developments on the US-China trade front will also be monitored for global
cues, according to analysts.A trade war between the world's largest two economies has stoked fears of a global recession and raised
concerns about global oil demand.US President Donald Trump and other US officials on Friday signalled good news was coming in trade talks
with China, while Beijing indicated it was open to a "partial" deal that would avoid a planned hike in tariffs on its goods, news agency
Reuters reported.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
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