Indian stock market expected to remain range-bound next week
Volatility from US elections and geopolitical tensions may impact market sentiment, according to Mint.
The Nifty 50 and BSE Sensex reversed their previous week's losses to end on a positive note. The Nifty 50 rose 2.59 per cent and the Sensex advanced 1.6 per cent during the week, supported by gains in IT and pharmaceutical stocks.
According to Mint, the Indian stock market is likely to show range-bound movement between November 2 and November 6. Siddhartha Khemka, Head of Research at Wealth Management, Motilal Oswal Financial Services Ltd, said equities may face volatility due to the US midterm elections on Tuesday and uncertainty regarding US-Iran geopolitical tensions.
Market sentiment may also be influenced by corporate earnings and volatile Brent crude oil prices. On Friday, Brent crude rose above $117 per barrel, approaching the four-year high of $116.72 recorded on October 23.
Pabitro Mukherjee, Deputy Vice President-Research at Bajaj Broking, said the Nifty 50 could move towards 23,150-23,200 if it stays above the Friday low of 22,905. He noted that a drop below 22,900 could lead to consolidation between 22,900 and 22,600.
The Nifty 50 closed 0.51 per cent higher at 23,053.10 points on Friday, while the BSE Sensex gained 0.42 per cent to end at 74,459.53 points. Top gainers included Trent, IndiGo, and Infosys, while Shriram Finance and Nestle India were among the top laggards.