The market is expected to gain further, as buying is likely to continue in the forthcoming week. So far, results have been as per market expectations.
Also the strong data of India's industrial production (IIP), which rose 14.4% in November compared to the same month a year ago, suggests that the slowdown seen in October was temporary, and will help to dispel misgivings. Industrial growth in the first eight months of the current fiscal year, which ends in March 2007, rose to 10.6% from 8.3% in the same period a year earlier, the commerce and industry ministry said in a statement.
A month ago, the government reported 6.2% growth in October, stoking fears that the economy can be slowing.
Crude oil prices have also cooled sharply, with the US crude futures declining below $52, hitting a fresh 19-month low as selling by funds intensified.
TCS, HCL Technologies, Bajaj Auto, Wipro, Reliance Industries, Ranbaxy and Satyam Computer are the major Q3 results scheduled next week.
Aban Offshore, Reliance Industrial Infrastructure, CMC, Anant Raj Industries, Aztec Software, Jammu & Kashmir Bank, Container Corporation of India, Geometric Software Solutions, Rajesh Exports, Tulip IT Services, Triveni Engineering & Industries, Patel Engineering, HT Media, New Delhi Television, NIIT Technologies, Infotech Enterprises, Lupin, 3i Infotech, Canara Bank, Reliance Energy, Liberty Shoes, Siemens, Ultratech Cement, Tech Mahindra, JET Airways (India), Hindustan Construction Company and Dabur India, will also be announcing their December quarter results in the coming week.