Benchmark indices rallied to a fresh lifetime high, as Foreign Portfolio Investors for a change were net buyers in Indian equities. In fact, ever since the government's bank recapitalization move, we have seen them mostly net buying.
As long as the global cues are strong Indian markets would continue to rally. Several markets are now trading at lifetime highs, including the US markets. It has been a blockbuster year for Indian equities as also equities around the globe.
A few corporate results are also awaited, though by and large we have had good numbers. Punjab National Bank, Airtel, Tech Mahindra all reported a good set of numbers this week, that largely beat expectations. In fact, results from PNB were awaited to see if there was any improvement in the asset quality. In fact, there was, but the stock did not rally too much given the fact that markets had already rallied a great deal.
The coming week may see the markets grind higher, though the pace and momentum is likely to remain slower. This is because markets have already rallied a great deal and any fast and furious pace of gains may not be forthcoming.
Most of the larger companies have already declared their results, and the next couple of weeks would see the end of the results season for the quarter ending Sept 30, 2017.
Analysts are now finding it difficult to suggest stocks, given that valuations are high. Several of them are now suggesting to partially book profits and wait for markets to fall.