After almost touching 20K, expect consolidation

Markets will need to gather its resources and then make an attempt to surmount Mount 20k as after Friday's correction we are now short by 255 points

Markets were on a roll last week and gained on four of the five trading sessions continuously. Alas all good things do come to an end, and market movement too was no exception. Friday, markets saw a sharp correction and they declined quite sharply.

The level of 20K on NIFTY which is an important milestone in the life of an index was missed by a whisker with the level being reached at 19,991.85 points or just about 8 points short. Probably markets will need to gather its resources and then make an attempt to surmount Mount 20k as after Friday's correction we are now short by 255 points.

BSESENSEX gained 623.36 points or 0.94 per cent to close at 66,684.26 points while NIFTY gained 180.50 points or 0.92 per cent to close at 19,745.00 points. The broader markets continued their upward movement as well and one saw the indices gain less than the benchmark indices. BSE100, BSE200 and BSE500 gained 0.67 per cent, 0.72 per cent and 0.77 per cent respectively. BSEMIDCAP was up 0.52 per cent while BSESMALLCAP was up 1.32 per cent.

The Indian Rupee gained 22 paisa or 0.27 per cent to close at Rs 81.94 to the US Dollar. Dow Jones gained on all five trading sessions of the week, though Friday was actually a flat day with gains of a mere 2.51 points. On a weekly basis, Dow was up 718.66 points or 2.08 per cent to close at 35,227.69 points. Results from the industry and market giants were a mixed bag with some being good and some below expectations. The IT pack continues to be a disappointment and would need a few quarters before they show any signs of recovering. The core O-to-C business of Reliance Industries was a drag this time on the overall performance and saw the sheen being shaved off. How markets fare post reopening on Monday would be an event to be watched.