Shift focus from midcap and small cap to large cap

New Delhi: Markets in the week went by shifted gears dramatically from Tuesday and for the next three days, there was high-speed driving at the bourses.

This resulted in big gains and markets touching new levels and more importantly, crossing 79K on BSESENSEX and 24K on NIFTY.

It also brought to an end the highly volatile month of June which began with election exit polls and then results which saw the biggest upheaval in markets in a very long time.

At the end of it all, markets were up, having more than regained losses of the 4th of June and seeing big monthly gains. BSE SENSEX gained 1,822.83 points or 2.36 per cent to close at 79,032.73 points while NIFTY gained 509.50 points or 2.17 per cent to close at 24,010.60 points.

The broader markets saw BSE100, BSE200 and BSE500 gain 1.95 per cent, 1.67 per cent and 1.48 per cent respectively. BSE MIDCAP gained 0.42 per cent while BSE SMALLCAP was up 0.37 per cent.

Markets gained on four sessions in a row during the week and saw profit-taking on the last day of the week. Two interesting observations during the week’s trading were the advance-decline ratio turning negative even though markets rallied sharply on Tuesday and Wednesday. The other observation was the out-of-favor IT pack registering sharp gains during the week.

The Indian Rupee gained 18 paisa or 0.22 per cent to close at Rupees 83.38 to the US Dollar. Dow Jones gained in three of the five sessions. It ended the week with gains of 529.70 points or 1.33 per cent to close at 39,118.86 points.

Thursday (June 27) saw June futures expire. It was a volatile day but bulls were fully in control. The series ended with gains of 1,555.75 points or 6.92 per cent to close at 24,044.40 points. It has been a very successful month for bulls and they have registered more than handsome gains.

The month ahead is likely to see the budget being presented in all probability in the week beginning July 22. This would be the expiry week for July series with expiry happening on Thursday (July 25). This would make that particular week extra volatile and choppy.

The week gone by saw three primary main board issues list and two issues open and close for subscription during the week The week ahead will see two IPOs open and close during the week with the two IPOs of the previous week listing as well.