Indian Stock Market continued to display range-bound movement for yet another week. The Sensex touched a high of 17,777, but steadily moved lower to 17,276. The index finally closed the week with a nominal gain of 14 points at 17,554.
IT stocks, thanks to better-than-expected Infosys numbers, outperformed this week. TCS zoomed 13 per cent to Rs 792. Wipro surged nearly 10 per cent, and Infosys rallied nearly 9 per cent. ACC, Grasim and Reliance Communications were the other prominent gainers. SBI, on the other hand, was the major loser, down over 6 per cent at Rs 2,144. Hindalco, ICICI Bank, Sterlite, Hindustan Unilever, Reliance Infrastructure, Sun Pharma and HDFC were the other major losers.
The Sensex has not given any clear indication as of now. The index is currently moving in a 600-point band of 17,255-17,830. A breakout at the lower end of the range could see the index slip to 17,100-16,990-16,875. Whereas the upward breakout could see the index move to 17,940-18,055.
Next week again things may remain volatile even as the earnings announcements accelerate and investors weigh their options. The Nifty might conquer the 5300 milestone but will face resistance in its journey to 5400 and beyond.
Indian Stock Market will be cautiously positive. Investors are advised to do regular profit booking.
IT stocks, thanks to better-than-expected Infosys numbers, outperformed this week. TCS zoomed 13 per cent to Rs 792. Wipro surged nearly 10 per cent, and Infosys rallied nearly 9 per cent. ACC, Grasim and Reliance Communications were the other prominent gainers. SBI, on the other hand, was the major loser, down over 6 per cent at Rs 2,144. Hindalco, ICICI Bank, Sterlite, Hindustan Unilever, Reliance Infrastructure, Sun Pharma and HDFC were the other major losers.
The Sensex has not given any clear indication as of now. The index is currently moving in a 600-point band of 17,255-17,830. A breakout at the lower end of the range could see the index slip to 17,100-16,990-16,875. Whereas the upward breakout could see the index move to 17,940-18,055.
Next week again things may remain volatile even as the earnings announcements accelerate and investors weigh their options. The Nifty might conquer the 5300 milestone but will face resistance in its journey to 5400 and beyond.
Indian Stock Market will be cautiously positive. Investors are advised to do regular profit booking.
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