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Time to tread cautiously; markets may have run up too much, too fast
The BSE Sensex has closed the week at 17,512 points and have run up sharply. Markets head into the next week with a dismal jobs report from the US, which should see the markets opening in the negative territory on Monday. But, the markets in the past have shown resilience and have bounced back sharply and the same is a possibility on Monday.
Markets will be driven by the earnings season which will kick off on Thursday and may remain lacklustre until then. Infosys Technologies and TCS both announce their results on Thursday, which are likely to be rather tepid.
Domestically, a lot of expectations are built around Manmohan Singh, who has recently been handling the Finance portfolio. Markets are expecting a push towards reforms, especially reforms in multi-brand retail. This has led to investors taking long positions and any disappointment on this front could see unloading.
Going forward globally markets are likely to take hints from the Federal Reserve of any quantitative easing. Any form of quantitative easing in the US is likely to propel global markets and hence India.
Already, the People's Bank of China, the Bank of England and the ECB have cut rates this week. There would now be pressure on India's central bank as well to follow, which should help boost sentiments.
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