Markets may remain range bound in truncated trading next week

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Markets may remain range bound in truncated trading next week
This week once again ended on a buoyant note with the Sensex and the Nifty hitting new lifetime highs. Friday, however, was subdued as the global trend was weak, particularly after a sell-off on the US Nasdaq.

Next week trading would be restricted to just three days, as markets would be closed on Monday on account of Ambedkar Jayanthi and on Friday because of Good Friday.

The week saw select pharma stocks like Wockhardt rallying substantially along with the like of Adani Group stocks and other Gujarat based company stocks. All this was largely on the back of hopes of Gujarat Chief Minister, Narendra Modi being anointed the Prime Minister of the country. Infra stocks like NCC also rallied along with PSU banking stocks on hopes that the new government would push economic growth.

On Friday, it was the first time in several trading sessions that foreign funds were net sellers in the cash segment of the equity markets. It seems that fund flows from foreign institutional investors is tapering-off after some huge buying figures since the beginning of March on hopes of a Narendra Modi led government at the centre.

Tuesday will begin with the results of Infosys. Markets, especially tech stocks are likely to react to the results. Analysts would eagerly watch for revenue guidance from the company very closely. Infosys had indicated a subdued quarter for the period ending March 31, in an analyst meet earlier last month.

The results of Infosys would be followed by the results of other heavyweights like TCS and Reliance. Markets are likely to react to individual results, as we head closer to the completion of the General Elections.

From there on it would be the exit polls and finally the results to the much awaited election.

Read more about: sensex, nifty, infosys
Story first published: Saturday, April 12, 2014, 18:44 [IST]
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