DALAL STREET face
INDIAN BENCHMARKS fell for a fourth consecutive session to post its worst weekly decline in more than three months as profit-taking continued to hit blue chips after the benchmark index hit a recent record high. Shares of Tech Mahindra jumped 6 percent intraday on Friday, touching a 6.9-year high as it showed good performance in September quarter results.
Banks fell due to concerns about their earnings. Punjab National Bank (PNB) fell 4.5 percent after its July-September net profit reduce and came in at sharply below consensus estimates.
The INDIAN BENCHMARKS, SENSEX ended 156.62 points or -0.75% down at 20666.15 and the 50-share NIFTY closed 46.50 points or -0.75% down at 6140.75.
GLOBAL MARKET chase
ASIAN STOCKS were tumbled, as the region are set for another round of weekly losses even after solid data out of the U.S. and an unexpected rate cut by the European Central Bank.
U.S. STOCKS were higher, supported by strong U.S. employment data, the report added to expectations for the Federal Reserve to begin tapering its stimulus program before the year end.
EUROPEAN STOCKS were lower, after S&P cut France’s credit rating and as investors remained cautious ahead of the release of key U.S. employment data later in the day.
WEEK AHEAD :-
INDIAN INDICES shares may remain consolidated in the short term. The near- term outlook for the market is likely to be driven by data, with the U.S. monthly employment report likely to set direction early next week, while investors are also looking forward to domestic industrial production and inflation reports.
Further, Tata Motors closed up 2 percent ahead of its earnings which came just after market close. The stock likely to gain further on Monday as after the country's biggest automaker by revenue, beat analyst estimates by posting a 71 percent jump in profit, its first quarterly gain in a year.
The September index of industrial production data is due for release on Tuesday along with the data on inflation based on the Consumer Price Index. On Friday, the government will release data on inflation based on the Whole Sale Price index.
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