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Sensex 74,459.53 +0.42%Nifty 50 23,053.10 +0.51%₹ / $ 94.93

EconomyMarkets

ITC, SBI and Airtel results, the US midterms and Iran set the tone for Dalal Street's week

Indian shares head into Monday off their best week in a while, with foreign buyers back. A packed results calendar, Tuesday's US vote and oil above $117 will decide whether the rebound lasts.

From the editorial desk · MumbaiPublished
The US Capitol in Washington, control of which is at stake in Tuesday's midterm elections (file photo)
The US Capitol in Washington, control of which is at stake in Tuesday's midterm elections (file photo)Photo: Noclip / Wikimedia Commons, Public domain

Key points

  1. The Nifty 50 starts the week at 23,053.10, after the Sensex gained 1.83% last week.
  2. ITC reports on Monday, State Bank of India on Tuesday and Bharti Airtel and Titan on Thursday.
  3. Analysts expect a range-bound week with bouts of volatility as the US votes and US-Iran tension stays high.

Indian shares go into Monday with something they have lacked for most of the autumn: momentum. The Sensex gained 1.83% last week to close at 74,459.53, and the Nifty 50 finished Friday at 23,053.10, back above the 23,000 mark. Foreign investors were net buyers over the week, and domestic institutions added ₹3,109.79 crore.

The coming week will test that rebound from three directions at once: a heavy run of September-quarter results, Tuesday’s midterm elections in the United States, and the stand-off between Washington and Tehran that has kept Brent crude above $117 a barrel.

A crowded results calendar

ITC and Wockhardt open the week with results on Monday. State Bank of India reports on Tuesday, alongside the National Stock Exchange and Solar Industries. BSE, Zydus Lifesciences and Premier Energies follow on Wednesday.

Thursday brings two of the market’s heavyweights, Bharti Airtel and Titan Company. Hindalco Industries reports on Friday, and Divi’s Laboratories and Tata Steel close the week on Saturday. There is no scheduled trading holiday, so the week has five full sessions.

Washington and Tehran

Americans vote on Tuesday for control of Congress, and markets around the world will trade the outcome on Wednesday. In the same week, the US-Iran stand-off hangs over oil. President Donald Trump has said further strikes on Iran’s nuclear sites could be done “in 10 minutes”, and has suggested an attack could come after the elections. Iran’s Foreign Minister Abbas Araghchi has said Tehran is “prepared for all scenarios” while talks continue through Qatari mediators. The US ISM manufacturing survey, due on Monday, is the first big data point of the week.

For India, which imports most of its oil, every dollar on Brent matters. The rupee ended last week at 94.94 to the dollar.

What analysts expect

“Indian equities are expected to remain range-bound with bouts of volatility next week,” said Siddhartha Khemka, head of research for wealth management at Motilal Oswal Financial Services.

Pabitro Mukherjee, deputy vice president for research at Bajaj Broking, said the index holding above Friday’s low of 22,905 “will signal extension of the current pullback towards 23,150-23,200 levels”. Ravi Singh, chief research officer at Master Capital Services, warned that a break below 22,800 could drag the Nifty towards 22,500.