It was a volatile week for the markets with investors having to digest the US Fed interest rate hike. Interestingly, the markets rallied on four days out of five and took the US Fed rate hike in its stride. Also, the markets did not react much to the fact that the GST Bill would not be passed in the current session of parliament.

Interestingly, the markets gained this week and broke a losing streak. The rise was on the back of two heavyweight stocks - Reliance Industries and Infosys. Most of the banking stocks tumbled to a 52-week low at the start of the week, including the likes of ICICI Bank and Axis Bank.

Infosys, TCS, Tech Mahindra and Wipro dropped on Friday, after reports that United States will double special fee on H1B and L1 visa fee.

Going ahead it's likely that the markets would be volatile. We may have a weak opening on Monday, as US markets fell on the back of falling crude oil prices. Also, the deadlock over the GST Bill remains.

Movement of crude oil, which has plunged to a 7-year low, may impact global market sentiment and hence India.

Foreign Portfolio Investors are also unlikely to be too active, given the Christmas season ahead. They have been selling Indian stocks for a few weeks now.

All in all, the next few weeks may see the markets hovering in a range. Software stocks may continue to be weak, as the US Congress has passed the bill to hike visa fees. ONGC, Cairn India and Oil India may also fall on the back of falling crude prices. It would be interesting to see how banking stocks continue to move.

The rupee is likely to trade in a range, as investors have now digested the Fed rate hike.

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