It was a volatile session for the market. The BSE Sensex gained strongly midway into the trading session only to end flat by the end of the day. Banks came in for some strong selling as ICICI Bank, State Bank of India fell over 2%. * Coal India was the top loser in the BSE Sensex, falling 3%.
However, Infosys and Wipro maintained their upmove with 3 percent gains. Later in the day we have the industrial production data to be announced for November. Expectations indicate around 0.6 percent growth versus a decline of 1.8 percent on a month to month basis.
Factors to watch: Going into next week, we have important results from Bajaj Auto, HCL Technologies and Axis Bank. Inflation data is also slated to be released on 14th Jan. On the global side, the monthly US jobs data for December would be watched. The data could have a bearing on the pace of tapering from the US Fed.
By Sanjeev Zarbade, Vice President - Private Client Group Research, Kotak Securities
NOTE; The views expressed are those of the author