Last week, the Indian stock markets put up a good show as the Sensex and Nifty ended higher at 28,052 and 8,639 respectively. The mid-caps continued to beat the frontline indices. However, volatility was seen ahead of July derivatives expiry and this kept a check on the rising Indices to some extent. The indices were still not able to break the key resistance zone conclusively.
Moving ahead, the markets are likely to have wobbly start on Monday morning as the fate of GST bill will be decided early this week. July auto sales data, on-going results season and progress of monsoon are the other key data points that may play a part in stock price movement this week. The fact the mid-caps continue to out-perform the main stream stocks is a signal that there is enough positive momentum in the markets.
The Q1 results still dominate the equity markets as the indices keeps moving in a narrow band. The Sensex closed at 0.12% lower at 27803 and the Nifty remained unchanged at 8541 at the close of Friday last week.Going ahead, Q1 results are likely to remain as the key driver of markets this week too. However, profit booking and short covering can be expected in the markets as July derivatives expire in the coming week.
The Sensex and the Nifty closed marginally lower due to mixed global cues, profit booking and cautious approach to Q1 results. The indices closed at 27,126 and 8,323 respectively with mid-caps and small caps out-performing the large caps reflecting underlying positive momentum.
The 7th pay commission report , good progress of monsoon , renewed buying from FIIs and positive global cues have suddenly changed he mood of the market , at least for the week. During the week ended the Sensex and the Nifty closed at 27,145 and 8,328 points which is 747 and 239 points up respectively. The RBI’s financial stability report has given further boost to the sentiments. The surge may continue this week too, reflecting on the positive cues. Short covering on derivative expiry may also have given further boost to the surge last week.
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