Markets may consolidate this week

Results season kicks in from the week ahead with TCS declaring results on Wednesday the July 12 followed by Wipro on Thursday the July 13

Markets continued making new highs during the week, but showed their vulnerable side as well when they corrected on Friday, the last day of the week quite sharply. They have become volatile and are subject to sharp movements in either direction. While the top may or may not have been reached as yet, we would spend some time here before deciding the next course of action. The impending quarterly results would have a big part to play in market movement going forward.

BSESENSEX gained 561.89 points or 0.87 per cent to close at 65,280.45 points, while NIFTY gained 142.75 points or 0.74 per cent to close at 19,331.80 points. The broader markets saw BSE100, BSE200 and BSE500 gain 0.73 per cent, 0.75 per cent and 0.85 per cent respectively. BSEMIDCAP was up 0.77 per cent while BSESMALLCAP gained 1.62 per cent. Markets gained on three of the five trading sessions, were flat on one and lost on the last trading session.

The Indian Rupee was under pressure and lost 70 paisa or 0.85 per cent to close at Rs 82.74 to the US dollar. Dow Jones gained on the first day of the week and lost on the remaining three. Tuesday was a holiday on account of American Independence Day. Dow Jones was down 671.11 points or 1.95 per cent to close at 33,734.88 points.

In primary markets news, the week saw two listings, one issue open and closed for subscription and one more issue which had opened in the previous week, withdrew the issue as it did not garner enough subscription.

The issue from HMA Agro Resources Limited which had issued shares at Rs 585 listed on Tuesday the 4th of July. The share, after trading with gains, succumbed to selling pressure and closed with a minor loss at Rs 584.75, down Rs 0.25. At the end of the week, the share closed at Rs 588.30, a gain of Rs 3.30 or 0.56 per cent.