Benchmark indices gained constantly in trade this week, with the Sensex gaining for seven straight days in a row. There has been constant buying support from mutual funds, who continue to support the market at lower levels.
It will not be surprise is the Sensex easily scales past the 34,000 levels, making it one of the most expensive markets in the world.
Interestingly, stocks that have been hammered in the recent past are now finding buyers. A classic example is Infosys, which has now once again surged past the Rs 1,000 mark all over again.
During the week, individual stocks reacted to news. Swaraj Engines surged following reports that its board would meet for a buyback of shares. Biocon gained after launching a cancer drug, while Skipper rallied, following reports of a tie-up with an Israeli company.
Reliance Industries also had a stellar rally with the stock hitting a new 52-week high in trade. Most analysts believe that we could see increasing price levels in the coming days. However, they also caution that markets have gone-up too fast.