It was the second week in a row that markets ended higher despite worries over the impending debt crisis in Greece.
Banking, FMCG and Pharma stocks saw a good rally this week. IT stocks also gained ground after reports that Accenture had revised guidance upwards. HCL Tech was the star performer this week.
Reliance saw sustained buying during the week as many brokerages upgraded the target price on the stock.
SUN TV was one share that was immensely volatile during the day. The government has not yet awarded the company license for 33 channels that it runs and based on newsflows the stock saw wild fluctuations.
There is not much of domestic data, except the HSBC PMI data which may come through next week. All attention would be focused on Greece though.
There is now a referendum that has been called by the Greece Prime Minister to vote on proposals by creditors, which is slated for July 5. In case these are rejected by the people of Greece, we have a fresh crisis on our hands.
Greece is heading for a default unless it pays off $1.7 billion it owes to the IMF on Tuesday. Both have failed to agree a common ground on reforms that Greece has submitted with proposals and counter proposals in the offing.
Unless the issue is resolved expect a solid volatile session in trade next week.