INSUBCONTINENT EXCLUSIVE:
On the technical front, the Nifty50 is seen receiving support at 9,951 points.Quarterly results, along with manufacturing PMI and fiscal
as the market has been largely bearish in the last couple of weeks.In terms of quarterly results, companies like Bank of Baroda, Tata Power,
Tata Motors, Union Bank of India, Lupin, DLF, HDFC, Axis Bank, Punjab National Bank, SAIL and Vedanta are likely to announce their second
quarter earnings in the coming week.Further, the Nikkei Manufacturing Purchasing Managers' Index (PMI) for October will be released on
Thursday, November 1, and the fiscal deficit data for September is due on Wednesday, October 31
This macroeconomic data would be key for the market sentiments."Manufacturing PMI and infrastructure output numbers will be seen crucially
while leads will also be taken from ICICI Bank's result (released on Friday)
Mostly the trend will be in tandem with the global markets and indices such as SP 500," said Mustafa Nadeem, CEO, Epic Research.On the
technical front, the Nifty50 is seen receiving support at 9,951 points and 10,139 would be the immediate resistance level, analysts said.In
the week gone by, the National Stock Exchange (NSE) Nifty50 lost 273.55 points, or 2.65 per cent, on a weekly basis to settle at 10,030
points on Friday.Similarly, the SP Bombay Stock Exchange (BSE) Sensex lost 966.32 points, or 2.81 per cent during the week, to close at
declared lower-than-expected numbers which led to disappointment on the street
FII selling, lower-than-expected earnings and global markets sell-off combined, led to major selling in the markets," said Rahul Sharma,
Senior Research Analyst at Equity99.In the coming week, the direction of flow of foreign funds will assume significance as there have been
massive outflows in October, as investors pulled out from emerging markets to redeploy their capital in safe-havens such as US
securities.According to data provided by the National Securities Depository (NSDL), the monthly outflow of foreign funds at Rs 24,186 crore
foreign investors prior to that, said Deepak Jasani, Head of HDFC Securities.During the week just-ended, provisional figures from the stock
exchanges showed that foreign institutional investors sold shares worth Rs 5,751.17 crore, whereas domestic institutional investors bought
Rs 4,508.62 crore worth of stocks.Figures from the NSDL showed that foreign portfolio investors divested Rs 4,563.31 crore, or $622.5
million, in the equities segment during the week ended October 26.Besides, the rupee's movement against the US dollar and global crude oil
prices will also be closely followed by investors.The rupee on Friday closed at Rs 73.46 to a US dollar, weakening by 14 paise from its
previous week's close of 73.32.
