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The market hit record highs in the passing week (Sensex at 30,184.22 and Nifty at 9,367.15 intraday) on better-than-expected earnings (by cement, auto and midcap banks) and likely PSU banks' recapitalisation. Global factors like easing of political risk in Eurozone post favorable French elections results and expectations of US tax reforms also boosted market sentiment. The Nifty gained 2 percent (at 9,304.05) during the week despite consolidation in the later part of the week due to the extended weekend and mixed global cues.
On the monthly basis, the market continued northward journey for fourth consecutive months. In fact, the year so far has been good, with Nifty posting 13.66 percent gains year-to-date (up 1.42 percent in April, 3.31 percent in March, 3.72 percent in February and 4.6 percent in January).
Such a stellar performance is unlikely to continue in the coming truncated week as well as in May. With expensive valuations at the current level, the market has to consolidate more before moving towards another psychological 9,400 mark on the Nifty and volatility index also indicated the same trend, experts say.
The market hit record highs in the passing week (Sensex at 30,184.22 and Nifty at 9,367.15 intraday) on better-than-expected earnings (by cement, auto and midcap banks) and likely PSU banks' recapitalisation. Global factors like easing of political risk in Eurozone post favorable French elections results and expectations of US tax reforms also boosted market sentiment. The Nifty gained 2 percent (at 9,304.05) during the week despite consolidation in the later part of the week due to the extended weekend and mixed global cues.
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