Market may remain in narrow zone this week

India’s Q3 GDP figures on 30th November will be keenly watched. Among the global cues to look out for are Greece debt situation and US fiscal cliff handling. The indices may have notched up marginal gains for the week but the performance remained more or less subdued save for Wednesday when some gains were seen. The global cues were also hard to come by with a truncated week in US on account of Thanksgiving Thursday and Black Friday. The market didn’t seem to pay too much attention to the ruckus in Parliament as it managed to avoid any losses on Thursday even as the Lok Sabha and Rajya Sabha were adjourned. The Government is locked in a battle with the opposition over the validity of a debate over FDI reforms. The finance minister is in favour of rolling out GAAR from April 2014. Meanwhile, Moody's says the Indian economy is likely to grow at 5.5 % to 6 % this year and is hopeful that things will improve from then onwards. However, if India fails to rein in its ballooning deficit, India could face a downgrade in its ratings. The market could remain in a narrow range for some time as clear triggers are lacking. India’s Q3 GDP figures on 30th November will be keenly watched. Among the global cues to look out for are Greece debt situation and US fiscal cliff handling. On the political front, a meeting of all party leaders of Lok Sabha and Rajya Sabha has been conveyance by Parliamentary affairs minister Kamal Nath; the outcome here will be crucial for Parliament to function.