Markets To See 9400-9500 In Coming Weeks

With the mid-cap index making record highs, it is no wonder that investors are betting their long-term money on them. Indeed, mid-cap stocks have been saviours for the investors looking for growth over the past three odd years, delivering phenomenal growth over the similar time frame.

The markets took a breather for a while in previous week, taking cues from global markets, eventually halting their bullish march. Sensex was up by nearly 1 per cent in past two weeks; whereas, Nifty was up by nearly 1.24 per cent over the past couple of weeks. Mid-cap index was up by 3.34 per cent, even as Small-cap index was up by nearly 3.4 per cent. Realty index was the top gainer amongst the sectoral indices, which gained more than 7.7 per cent over the past couple of weeks.

The other sectoral index gainers were the FMCG index and the Power index, which gained by more than 4.6 per cent and 3.6 per cent respectively. Bankex performed in line with the benchmark indices, and was up by nearly 1.7 per cent. IT index was the worst performer in past two weeks, and was down by nearly 1 per cent, followed by the Metal index, which was flat over the two-week period. Globally, the mood remained subdued with majority of the markets trading weak with a negative bias. Dow Jones Industrial Average was down by almost 1.68%; whereas, NASDAQ was down by 0.36%, which tracks the global IT stocks’ performance.

FTSE 100 was down by 0.68% over the two-week period. The Japanese stocks were the worst performers as reflected by Nikkei’s performance, which was down by 3.16 per cent over the two weeks. Hang Seng was the best performing index, being up by almost 2.65 per cent over the two-week period. FIIs were seen buying into Indian equities, and have lapped up equities worth Rs 12639.5 crore; whereas, the Domestic Institutional Investors have been net sellers to the tune of Rs 4781.83 crore. Going ahead, the market will take cues from the developments in GST, the announcements being keenly tracked by the markets.

Banking stocks will be under the radar of the investors as several of the leading private banks are trading near their 52-week highs. Markets will be trading volatile owing to the expiry session in this week, and the roll over data will help confirm the bullish undertone for the market. The market is ripe to touch 9400-9500 levels in the next series.