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Nifty had a fantastic rally during the week gone
by, as the market opened with a gap-up and closed higher on most days. But the
week’s rally was one of the shallowest in terms of stock participation from
index, which was less than half. Smallcaps and midcaps, too, did not
participate in this uptrend.Nifty has been rallying sharply after bouncing from
the Rising channel support on the weekly chart. Market breadth remained
positive throughout the week, while IT and financials remained major
contributors to the benchmark index. Now, after a swift rally of more the 1,000
points, a mild pullback up to 11,500 level cannot be ruled out.
EVENTS OF THE WEEK
With the attempt to mend the fractured economy, RBI’s Monetary Policy
Committee continued its accommodative stance and maintained status quo on repo
rates. Dalal Street kept its upbeat mood on good commentary on GDP outlook and
liquidity measures. Real estate, the largest share in terms of gross domestic
wealth, is expected to benefit the most from RBI’s flexible rules, which will
reduce interest rates for home buyers.
EXPECTATIONS FOR NEXT WEEK
Next week too, the IPO frenzy might
continue with the listing of india’s second AMC, UTI AMC, and government-owned
Mazagon Dock. This, along with the quarterly earnings, will throw some
important light and set the tone for retail investors going ahead. TCS -0.45 %
has given the results season a great start and provided an upbeat commentary
too, but it would be prudent to wait and watch how other sectors performed
during the staggered unlock period. Management commentaries and demand outlook.
UPCOMING RESULTS- INFOSYS,TATAELAXI,HCLTECH,HDFCBANK,CYIENT