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Stocks of automobile companies are seen taking cues next week from monthly auto sales numbers for November. The auto index is expected to trade in a range with positive bias, according to market participants. The sales numbers for auto companies, due on Saturday, are expected to be firm on account of festive sales during the month.
The month of November 2012 would have the benefit of a low base of the last year as the volumes had dropped after increased sales in the festive season. Last year, festive sales were mostly seen in the month of October. We expect Maruti Suzuki and Mahindra & Mahindra to outperform.
The ongoing winter session of Parliament will also be a key monitorable for the Street. Investors will eye developments in Parliament over the vote on foreign direct investment issue. The Lok Sabha will discuss the issue on Tuesday and Wednesday, and the Rajya Sabha after that.
