: After sharp rally last week, expect markets to consolidate #IndiaNEWS #National,Opinion/Commentary By Arun KejriwalMarkets were on a roll in the week gone by on expected lines. However, the extent

After sharp rally last week, expect markets to consolidate #IndiaNEWS #National ,Opinion/Commentary
By Arun KejriwalMarkets were on a roll in the week gone by on expected lines. However, the extent of the rally was certainly a surprise with they gaining on all five days of the week and now sitting on six straight days of rise. BSESENSEX gained 2,311. 45 points or 4. 30 per cent to close at 56,072. 23 points, while NIFTY gained 670. 25 points or 4. 18 per cent to close at 16,719. 45 points.
The broader indices saw BSE100, BSE200 and BSE500 gain 4. 07 per cent, 3. 93 per cent and 3. 90 per cent, respectively. BSEMIDCAP gained 3. 53 per cent, while BSESMALLCAP gained 3. 86 per cent. More than the rally in the midcap and Smallcap sectors was the fact that the width of the markets has increased significantly and the number of scrips gaining far outweighs those losing. Many scrips have started hitting 52-week highs as well. Is this a cause of worry, not yet.
The Indian rupee was under pressure but managed to close with tiny gains of 2 paisa or 0. 03 per cent to end at Rs 79. 86 to the US dollar. Dow Jones gained on three of the five trading days and was up 611. 03 points or 1. 95 per cent to close at 31,899. 29 points. The US Fed would be meeting over Tuesday-Wednesday this week to increase interest rates. The street widely believes that the rate hike would be 75 basis points like the previous hike. In related news, the ECB raised interest rates by 50 basis points last week. This increase is their first since 2011. The event should not be taken as one off as interest rates are rising globally
The Russia-Ukraine war is already 151 days old and counting. While the resolution to the crisis still continues to remain uncertain, it has taken its toll on the global economy. For Russia, they have stuck to their guts and are doing business on their terms and conditions. Crude oil has also softened and in keeping with the same, the windfall tax and export duty on diesel and petrol introduced by the Indian Government has also been withdrawn.
Results season has picked up steam and the same are a mixed bag. While the banking sector has shown that the economy has gathered traction in the April-June quarter with demand for funds, there are concerns on inflation and costs. All in all, results indicate a positive trend and augur well for the coming quarters.
FPI selling seems to have abated for the time being. In the previous week when markets rose significantly, they were buyers on four of the five trading days. On a weekly basis they bought equity worth Rs 4,037 crore while domestic institutions were buyers of equity worth Rs 940 crore. If this trend continues, it will also help in bringing the dollar value to a more respectable level.
July futures expire on July 28.

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