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The share
market gained on Friday amid mixed global cues of stable oil prices
and surging US inflation, as both Sensex and Nifty were set for their first
weekly gain in recent weeks. The Nifty was up 0.30% at 16644 and the
Sensex rose 0.36% or 199 points to 55663.
WHAT LIES IN THE NEAR FUTURE?
Market structure suggests a strong likelihood of range bound activity taking place in the near term...so buy on the downside and sell on rallies. Expectations of a drop in oil prices and a majority of government votes in state elections, which offer stability to investments in emerging markets such as India, supported the market. The results of five state council polls were announced on Thursday. The BJP will form governments in four states - Uttar Pradesh, Uttarakhand, Goa and Manipur. Looking ahead, investors will be keeping an eye on the country's inflation data, which is due to be released on Monday Food prices but nonetheless warned that rising oil prices will push inflation even higher in the coming months.
