It has been a fantastic run for the markets in the last few weeks. However, the week gone-by saw decent profit booking at higher levels.
The most exciting stock of the week was PC Jeweller. The stock saw a sensational collapse in trade, plunging to a new 52-week low of Rs 95, on reports that CBI had conducted raids at one of the branches of the company.
However, the roumours were all baseless and factually incorrect, which helped a smart revival in the stock. It ended the week at Rs 174.
Fidelity, which owns a solid stake in the company cut its holdings from 9 per cent to just around 3 per cent. Another stock to see action was Vakrangee, which continued to be locked at the lower end of the circuit filter for all the 5 trading sessions.
Individual stocks reacted to results. PNB Housing Finance lost ground after a tepid set of results, while Hexaware too lost ground after numbers that lagged estimates. Big techie firm, HCL Tech plunged after the company declared its results on Thursday, but, managed to recoup some losses on Friday.
Godrej Properties too saw its shares gain after a good set of quarterly numbers from the company. Across Asia and Europe it was a flattish week.
Indian markets will react to inflation numbers due next week, which will be important ahead of the RBI meet next month. There are not too many cues otherwise, though there could be some more profit booking in the markets after a stellar run seen in the past few weeks. Global cues would continue to remain of paramount importance for direction to the markets.