There could be some stock specific action but largely the next week will be guided by liquidity flows, as well as macro data such as GDP, car sales, and PMI.
Telecom stocks led the rally on D-Street after Airtel said it has entered into an agreement with Telenor South Asia Investments to acquire Telenor India.
The S&P BSE Largecap index has gained nearly 10 per cent so far in 2017 compared with an 8 per cent rally in the S&P BSE Sensex.
The year-to-date rally in Indian stocks has been largely in line with the returns delivered by other global indices, such as MSCI Emerging Market Index.
Sentiments have become more bullish on Reliance now and most brokerages tracking the stock have given thumbs up to Reliance Jio’s new tariff plan.
The Nifty Free Float Midcap100 touched a high of 16,501 while the Nifty Midcap50 rose to a high of 4,191 in the first 30 minutes of trade on Wednesday.
Nifty50 has already rallied nearly 13% from its December low of 7,900. Since then, it has been on a one-way rally with a short period of consolidation.
The Nifty50 was trading comfortably above its crucial resistance level of 8,900 supported by gains in realty, power, metal, capital goods, and auto st
At times when the company feels the shares are undervalued, a share buyback is used to pump up the stock price, which acts like a support for the stock.
A shift in market base to a higher level can signal that more traders do not expect the Nifty50 to slip below the 8,800 mark, which is a bullish sign.
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