‘Markets may remain volatile; Bihar exit polls eyed’

'Markets may remain volatile; Bihar exit polls eyed'

New Delhi: Stock markets may see choppy trading this week and a slew of important quarterly earnings from Cipla, Tata Steel, SBI, ONGC and Tata Motors are likely to drive the sentiment, say experts.

All eyes will be on Bihar exit poll results which will influence trading in the markets in near-term, they added.

Besides, auto stocks would remain in focus following monthly sales data announcement.

“While the news emanating from global economies will continue to influence market sentiments, the Indian stock market is expected to remain volatile in short-term. This will largely be owing to the fact that Bihar polling concludes on November 5, the results of which will be announced on November 8, but will be preceded by exit polls results.

“Further, the earnings announcements will gather pace ahead of Diwali festivities kicking in,” said Hitesh Agarwal – Head Research – Reliance Securities.

Major earnings this week are from DLF, Indian Oil Corporation, Power Grid Corporation Of India, Tech Mahindra, Punjab National Bank and Steel Authority Of India.

“Apart from Bihar Assembly results, macroeconomic data, next batch of September 2015 earnings by key corporates, trend in global markets, movement of rupee against the dollar ancrude oil prices will dictate the trend.

A pick-up in earnings is needed for the market to sustain as till date most earnings are close to expectations at best,” said Vijay Singhania, Founder-Director, Trade Smart Online.

This week, trading in the stock markets is expected to be choppy as all eyes will be on Bihar assembly election results on November 8, he said.

“The important trigger now depends on Bihar election outcome,” said Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services Ltd.

Over the past week, the BSE benchmark Sensex fell 2.96 percent to 26,656.83.

“Needless to say, nervousness on Bihar election results will also inch higher and that would increase the pressure on markets this week. In total, it is going to be a decisive week for markets due to upcoming earning announcements and result of Bihar elections,” said Jayant Manglik, President, Retail Distribution, Religare Securities.

[“source -Zeenews”]

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