Northbound rally to continue

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Mumbai: Indian stock indices, which touched year-high on last Friday, might look for the cues at the global markets in the coming days. With corporate earnings season coming to end, there are no major triggers which can boost the sentiments of the domestic markets.

Last week, the 30-share Sensex of Bombay Stock Exchange (BSE) gained 1.89% and S&P CNX Nifty of National Stock Exchange (NSE) added 1.49%, following better than expected corporate earnings coupled with positive cues from the global markets and continuous foreign funds inflows.

On Friday, last trading day of the previous week, Sensex closed higher by 282.35 points or 1.83% to 15,670.31 points while Nifty was up by 65 points or 1.42% to close the day at 4,636.45 points.

Amitabh Chakraborty, president equity at Religare capital markets Ltd said, “In the past few days, we have seen liquidity condition in the market is improving. Apart from that, we have seen positive cues from the global markets. In the next couple of things will depend on foreign funds inflows and triggers from the international market.”

In July, FII were net sellers at Rs 1,364.60 crore, while domestic institutional investors (DII) were net buyers at Rs 5,818.98 crore. Despite huge sell-off by the FII in the month, they were net buyers on Friday at Rs 582.12 crore in the market, according the provisional figures by the BSE.

“We might witness markets continuing their northbound journey in the next few days. Apart from that, on Friday last trading day of previous week have seen US markets closing on positive note, that might also have positive impact when markets opens on Monday,” said and analyst from the leading broking house.