Markets this week, once again hit a new historic high, despite the fact that the Gujarat results may not have been as per expectations. However, once again liquidity is coming to the fore, which is propelling the markets higher.
For example, DB Realty and Unitech saw their shares rally following the 2G verdict. Shares in DB was locked at the upper end of the circuit filter for two days in a row. The ADAG group stocks also rallied, especially where some of its executives were made accused. RCOM and Reliance Capital saw hectic buying support and activity.
During the course of the week, IT stocks also saw good buying support with TCS surging after a record deal. This also had a rub off impact in Infosys, which also gained momentum.
During the week shares of Eclerx Services too rallied after the company approved a buyback of shares at Rs 2,000.
Meanwhile, bitcoins also were in action tumbling almost 13 per cent in a single day.
The markets next week may continue to move higher, as fresh liquidity into mutual funds continue to pump the markets higher. However, the markets have gone up too much and profit booking at higher levels would be advisable.
Indian markets would remain closed on December 25 on account of Christmas.