After a stupendous week that propelled Sensex and Nifty to new highs, the stock market is likely to see a consolidation though the momentum remains positive, analysts say. Markets would remain closed on Friday for ‘Ganesh Chaturthi’. Industrial production data is scheduled to be released on Friday, which happens to be a trading holiday.
This week the BSE 30-share benchmark Sensex zoomed 2,000 points or 3.5% to scale 58,000-mark for the first time on Friday as it settled at a new closing lifetime high of 58,129.95. Strong domestic economic numbers are supporting the upward movement in the market even in these high levels of valuation, says Vinod Nair, Head of Research at Geojit Financial Services, pointing out to the economic reopening that has improved demand.
The benchmark index has gained over 10,000 points or 21.73% so far this year. The blue-chip NSE Nifty 50 index on Friday settled at 17,323, after logging a weekly gain of 3.70%.
“The next week is a holiday-shortened one and participants will be IIP data which is scheduled on September 10. Besides, the pace of vaccination and other COVID-related updates will also be in focus. Global markets have played a supportive role in the recent surge and their performance in the coming week would be equally important to maintain the prevailing bias,” said Ajit Mishra, VP Research at Religare Broking.
“We’re eyeing 17,500 in Nifty however it may see…
