Stock market prediction Nov 2-6 week: The Nifty 50 and Sensex reversed their previous week's losses, ending the week on a positive note. Gains in the pharmaceuticals and IT stocks lifted market sentiment ahead of Diwali. The Nifty 50 surged 2.59% during the week, the BSE Sensex advanced 1.6%.
As we head for the first week of November, experts decode stock market outlook for the coming week, between November 2-6.
The Indian stock market next week is likely to showcase range-bound movement in the coming week as crude oil prices volatility, US mid-term elections, and US-Iran tensions are likely to drive sentiments.
“Indian equities are expected to remain range-bound with bouts of volatility next week, ahead of the US midterm elections on Tuesday and amid uncertainty over a potential escalation of geopolitical tensions between US and Iran, which is likely to keep market sentiment cautious,” explained Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Additionally, corporate earnings will also impact investors’ sentiment. Brent crude oil prices continued to remain volatile over the last week. The commodity surged above $ 117 per barrel on Friday, and inched closer to the four-year high of $ 116.72 (recorded on October 23).