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The markets rose for a fourth consecutive week backed by information technology and pharmaceutical shares, but gains were capped on account of negative global cues after the US Federal Reserve raised interest rates amid signals of a slightly more aggressive pace of US Fed hikes.
For the week ended June 15, 2018, the S&P BSE Sensex rose 178.47 points or 0.50 per cent to settle at 35,622.14, while the Nifty 50 rose 50.05 points or 0.46 per cent to settle at 10,817.70. The broader market indices witnessed a mixed trend. The BSE Mid-Cap index fell 0.13 per cent, while the BSE Small-Cap index rose 0.44 per cent.
Next week, market movements will be driven by global factors in the absence of any major domestic cues. “We believe all eyes will be on global developments, the return of a trade war, with the US signing another $50-billion in tariffs, crude oil and dollar-rupee,” said Mustafa Nadeem, CEO, Epic Research
Jayant Manglik, President, Religare Broking, remains cautious on the markets in the coming sessions, but advises that corrections should be seen as a buying opportunity. “With lack of any fresh positive domestic triggers in the near term, volatility is likely to remain high, with stock specific movements. Market participants will closely monitor global developments, especially in the US, Europe and China,” he said. The Sensex is set to be reconstituted on Monday, when Vedanta will replace Dr Reddy's Laboratories.
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