The Nifty ended the week just four points higher than the previous week, while the Sensex fell 0.12 point to close at 22628.84.
The bets continue to be on a Modi led government and a clear indication of this is the sharp run in infra and cap goods stocks, some of which have doubled from levels seen in Sept 2013. Dealers say that should there be a clear majority for the BJP led NDA government, 7000 points on the Nifty cannot be ruled out.
As we usher in the next week, earnings would once again take center stage. We have the likes of HDFC Bank, ICICI Bank, Axis Bank and IDFC set to announce their earnings next week. Since most of the results are from the banking sector, analysts are likely to continue to stay focused on the non performing assets.
While, HDFC Bank is expected to do no wrong, ICICI Bank would have to be closely watched for non performing assets. Any improvement in the same could be a good trigger for the stock.
Apart from earnings, there are not too many global cues. Markets in the US would also look to the earnings season, after a disappointing season for tech companies, including IBM and Google.
The week is also going to be a truncated one in India, as markets would be closed on April 24 on account of the elections. All in all, expect a rangebound trading session with individual stocks reacting to their results.