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Below is the Weekly Market Outlook By Vinod Nair, Head of Research at Geojit Financial Services

"Despite global weaknesses, domestic sentiment was positive ahead of Diwali and the market showed its resilience, supported by a good start to the earnings season. The benchmark indices have been rising for the last six sessions, aided by stock-specific momentum in IT, banks, and FMCG. The rise in credit growth to a 10 year high of 17.94% YoY as of October added colour to the bank nifty with a gain of 3.8%, while PSU banks gained by 11% during the week. Some profit booking was also seen towards the end of the week as domestic investors maintained their cautious stance ahead of the truncated week. On the global front, a rise in UK inflation to a 40-year high of 10.1% in September added to fears of more aggressive monetary policy by the central bank. As there are no major triggers for the next week, the market direction will be based on global sentiment and the earnings season"