( www.rupeedesk.in )
Results
of elections to the assemblies of Haryana and Maharashtra, which will be
released
on Sunday, will determine the course of the markets on Monday. However,
benchmark
share indices are expected to move in a narrow range later next week
as
investors avoid taking positions ahead of a long weekend. Markets will be
closed
on
Thursday and Friday for Diwali, but the market will remain open for a short
period
on Thursday for muhurat trading.
However,
for the gains to sustain beyond Monday, the government will have to
start
the reforms process. Investors will also keep a close watch on global markets.
Any
major sell-off in overseas markets could fuel selling by foreign institutional
investors
and a subsequent fall in Indian indices. FIIs continue to sell due to gap in
liquidity
telling that world is slowing and dollar interest will increase.
We see
the National Stock Exchange's Nifty moving between 7650 points and 7920
points
next week. Yesterday, the Nifty ended at 7779.70, up 31.50 points or 0.4%
from
Thursday's close and the S&P BSE Sensex closed at 26108.53, up 109.19
points
or 0.4%. Jul-Sep earnings reports of companies will also drive markets next
week.
Among
Nifty constituents, HDFC Bank, Punjab National Bank, Asian Paints, Kotak
Mahindra
Bank and Wipro will detail their Jul-Sep earnings over the next week.
UltraTech
Cement will detail its results today. UltraTech Cement's net profit is seen
at 3.61
bln rupees, up 36.8% on year and net sales at 51.25 bln rupees, up 13.8%
on
year. Earnings of Axis Bank may lead to some fall in the bank's shares. The
bank's
net profit for Jul-Sep stood at 16.11 bln rupees as against an estimated
16.45
bln rupees. Stocks of banks and automobile companies are expected to rise next
week.