Market momentum signal possibility of new highs this week

BSE SENSEX was sort of flattish for the week gaining 45.42 pts to close at 62,547.11 pts while NIFTY gained 34.75 pts to close at 18,534.10 points

Markets last week opened with a bang and gained sharply on the first two days. The rally seemed to have then fizzled out but a sharp rebound on Friday seems to have provided ammunition for the bulls. The ensuing jobs data on Friday night followed by the strong rally in the US, rings hope for a probable new high next week in India.

Markets gained on the first two days followed by Friday, while they lost on Wednesday and Thursday. BSE SENSEX was sort of flattish for the week gaining 45.42 points or 0.07 per cent to close at 62,547.11 points while NIFTY gained 34.75 points or 0.19 per cent to close at 18,534.10 points. The broader markets saw BSE100, BSE200 and BSE500 gain 0.32 per cent, 0.46 per cent and 0.64 per cent respectively. BSEMIDCAP was up 1.83 per cent while BSESMALLCAP was up 2.40 per cent.

The Indian Rupee gained 28 paisa or 0.34 per cent to close at Rs 82.30 to the US Dollar. Dow Jones had a volatile week and gained on three of the five trading sessions. The gains over the last couple of days, changed the mood in the US. Job data on Friday evening was very positive and markets there gained over 2 per cent. At the end of the week, Dow gained 669.42 points or 2.02 per cent to close at 33,762.76 points. The next FED meeting due in the following week between June 13-14 is widely expected to keep interest rates unchanged.