On Monday, the market will first react to HDFC Bank’s June quarter earnings announced on July 18
Benchmark indices continued their run-up for the fifth consecutive week ended July 17, despite volatility, backed by better-than-expected Infosys and Wipro quarterly earnings, positive global cues and progress in the development of COVID-19 vaccine. However, rising coronavirus cases and outflow by FII and DIIs capped gains.
The BSE Sensex gained 1.16 percent and the Nifty50 climbed 1.24 percent to close above psychological 10,900 levels, taking total recovery from March lows to 45 percent. Meanwhile, the broader markets underperformed last week with the Nifty Midcap and Smallcap indices falling marginally.
Given that no major event is lined up for next week, the market is expected to consolidate further and may even attempt reclaiming the 11,000 mark, while corporate earnings and global cues will decide the market trend, experts feel.
“Broadly in the market, profit-booking is advisable especially for traders due to solid bounce-back of 45 percent return from March low, in less than four months. Investors are advised to be cautious and be stock & sector-specific in such timid periods,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.