|Market Sentiment To Remain Positive With Possible Fresh Highs|
|News - Business|
|Written by Mediabharti Syndication Service|
|Sunday, 10 January 2010|
Mumbai (India): Indian markets traded in a narrow range during last weeks trade as intraday volatility was high.
Market closed in the green in three out of five trading days during last week’s trade. Nifty managed to hold above 5200 for most of the week. Indian equities moved higher during the early part of the week but faced profit booking during the last two days of the week.
On a week-on-week basis, the BSE Sensex rose 75 points or about 0.4%, to close at 17540.29. The S&P CNX Nifty, on the other hand, moved up 43 points or 0.8% to close at 5244.75 for the week.
The food price index rose 18.22% in the 12 months to December 26, 2009, lower than an annual rise of 19.83% in the previous week.
In the coming week, market sentiment to remain positive with the possibility of fresh highs.
The market breadth has been quite positive in the last few weeks despite some minor corrections. The economic scenario has also been improving at least in terms of released data. However, one concern going around the market is the inflationary scenario.
Indian equities will keep a close watch on the Government data on industrial performance for November 2009, as measured by the index of industrial production (IIP), which will be unveiled on January 12, 2010. Inflation data for December 2009 is due on January 14, 2010.
Major companies announcing Q3 results include Infosys Technologies (on January 12), Bajaj Auto (January 12), TCS (January 15), HDFC Bank (January 15) and Axis Bank (January 15).
The RBI will hold the third quarter review of the monetary policy on January 29, 2010, when it is widely expected to hike the cash reserve ratio or the percentage of amount banks park with the RBI to absorb excess money from the system.
Overall, as Nifty managed to score a new high after failing to do so for last three times, it is being expected that the market sentiment to remain positive in the coming week also with the possibility of fresh highs.
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