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After rising for five straight sessions, the stock indices are likely to succumb to profit booking next week. Some traders believe the market has already factored in a gross domestic product growth of less than 5%, but will use the same as a reason to book profits after the indices rose over 3% in the last five sessions.
India's gross domestic product growth in Oct-Dec moderated to 4.7% from 4.8% in the previous quarter, below the estimated 4.9%, mainly on account of a contraction in industry and slowdown in agriculture, data released by the Central Statistics Office post market hours yesterday showed.
On Monday, local equities will also take cues from overseas markets that are likely to react to US GDP growth in Oct-Dec, due later today. The National Stock Exchange's 50-share Nifty to move in a range 6170-6350 next weeks. Yesterday, the indices ended up for the fifth straight session, with the S&P BSE 30-scrip Sensex closing above 21100 for the first time after Jan 24, led by gains in shares of pharmaceutical, information technology and automobile companies.
Nifty closed at 6276.95, up 38.15 points or 0.6% from Wednesday. Sensex ended at 21120.12, up 133.13 points or 0.6%. The MCX Stock Exchange's SX40 ended at 12641.39, up 73.67 points or 0.6%.
Among sectors, banks are likely to trade with a negative bias, tracking the share indices. Bank Nifty is seen taking support at 10550 and facing resistance at 11000. Today, it closed at 10764.70, up 34.30 points or 0.3%.
Among stocks, Bajaj Electricals is likely to rise on winning orders worth 2.97 bln rupees. Voltas may also gain as the company and Dow Chemical Pacific (Singapore) plan a joint venture in India in order to tap the growing water and waste water treatment market.
NHPC is likely to rise as the company's fourth unit of Uri-II hydro electric project will begin commercial operations on Saturday.
After rising for five straight sessions, the stock indices are likely to succumb to profit booking next week. Some traders believe the market has already factored in a gross domestic product growth of less than 5%, but will use the same as a reason to book profits after the indices rose over 3% in the last five sessions.
India's gross domestic product growth in Oct-Dec moderated to 4.7% from 4.8% in the previous quarter, below the estimated 4.9%, mainly on account of a contraction in industry and slowdown in agriculture, data released by the Central Statistics Office post market hours yesterday showed.
On Monday, local equities will also take cues from overseas markets that are likely to react to US GDP growth in Oct-Dec, due later today. The National Stock Exchange's 50-share Nifty to move in a range 6170-6350 next weeks. Yesterday, the indices ended up for the fifth straight session, with the S&P BSE 30-scrip Sensex closing above 21100 for the first time after Jan 24, led by gains in shares of pharmaceutical, information technology and automobile companies.
Nifty closed at 6276.95, up 38.15 points or 0.6% from Wednesday. Sensex ended at 21120.12, up 133.13 points or 0.6%. The MCX Stock Exchange's SX40 ended at 12641.39, up 73.67 points or 0.6%.
Among sectors, banks are likely to trade with a negative bias, tracking the share indices. Bank Nifty is seen taking support at 10550 and facing resistance at 11000. Today, it closed at 10764.70, up 34.30 points or 0.3%.
Among stocks, Bajaj Electricals is likely to rise on winning orders worth 2.97 bln rupees. Voltas may also gain as the company and Dow Chemical Pacific (Singapore) plan a joint venture in India in order to tap the growing water and waste water treatment market.
NHPC is likely to rise as the company's fourth unit of Uri-II hydro electric project will begin commercial operations on Saturday.
