Both the benchmark indices settled higher. BSE Sensex held the 60,000 mark, gaining 619 points, whereas the Nifty50 advanced 186 points to end the week above 18,100.
Gains in infrastructure, energy, realty, IT and auto lifted the market higher, whereas selling pressure in banking, financials and pharma stocks capped the upside.
The coming week is a holiday-shortened one and participants will first react to macroeconomic data of IIP and CPI inflation in early trade on Monday, said Ajit Mishra, VP Research, Religare Broking.
“As the result season is almost behind us, the focus will shift back to the global market for cues. At the same time, traction in the primary market will keep investors busy,” he added.
Below are the factors that may help steer the market this week:
Macro data
Market will remain busy in dealing with India’s wholesale price Index (WPI) numbers, which will be released on Monday, November 15. The United States is going to announce its retail sales numbers for the month of October, indicating consumer spending. The largest economy in the world will also release initial jobless claims numbers on Thursday.
US FOMC members’ speech
As many as eight US FOMC members are scheduled to present their speeches in the next few days. The market will be keenly awaiting their testimonies to take cues about expected tapering and monetary policy.
Q2 earnings
The domestic equity market will enter the last leg of the earning season in the week. Companies like Rajesh Exports, Tinplate Company of India, Jai Balaji Industries, Aditya Birla Money, HKG, MSP Steel & Power, Rollatainers, Parle Industries and Sunedison Infrastructure will announce their earnings for the September quarter. This may trigger stock specific reactions.
New listings
As many as four companies are going to make their Dalal Street debut this week. This includes PB Fintech, the parent company of PolicyBazaar and PaisaBazaar, Sigachi Industries and SJS Enterprises, which cumulatively raised as much as 6,550 crore via primary route. All three companies will be listed on Monday.
Dalal Street will also mark the debut of One97 Communications, which owns Paytm. It was the largest ever domestic IPO, which raised Rs 18,300 from its initial stake sale. The company will be listed on Thursday, November 18.
New issues
IPOs of Tarsons Products and Go Fashion (India) are set to kick off this week. Life sciences company Tarson Products will hit the primary market on Monday to raise Rs 1,023.47 crore, whereas women’s wear player Go Fashion will raise Rs 1,013.6 crore between 17-22 November.
Technical outlook
Nifty50 ended positively this week and formed a strong bullish candle in the last trading session. Throughout the week, the index continued to consolidate between its 20- and 50-DMA, with the 50-DMA emerging as a key support. Bank Nifty, which otherwise was demonstrating weakness, also bounced back from its support at 38,400, said Yesha Saha from Samco Securities.
“As the benchmark is currently hovering around its immediate resistance of 18,120 and as the breadth of the market continues to be indecisive, we suggest traders maintain a mild bullish outlook while keeping a strict stop loss below 17,750. Next crucial resistance is placed at 18,350,” it added.
