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The week gone was a truncated week and Nifty ended the week on a positive note with gains of 1.30% and Sensex surged 1% on a week-on-week basis. Initial half of the week bulls staged a smart recovery, however, Thursday on wards profit booking emerged in market amid global weakness after President Trump’s ability to get the economic agenda going.

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Key benchmark indices hit record high with the BSE Sensex conquering the psychologically significant 32,000-level as a drop in June retail inflation data sparked hopes of a rate cut by the RBI. Global stock markets also provided some tailwind after US Federal Reserve chair Janet Yellen, in a House testimony, signalled that the approach to higher rates will be steady, prompting investors to buy more in risky emerging markets.

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After three weeks of sideways movement, Nifty ended the week with gains of over 2 per cent and closed above its important psychological mark of 9300 for the first time ever on the monthly basis. During the week gone by market started the week on positive note on Monday after the market’s favoured candidate won through the first round of the French election, sparking a mass unwinding of safe haven trades.

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The Financial year 2016-2017 ended on a prosperous note as market registered gains of about 0.70% on weekly basis. FY16-17 the performance of Indian market was top notch and action was seen across the board and especially in the Mid and Small cap stocks.

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The first quarter of 2017 has been good for equity investors with the Nifty gaining 12%. However, with indices at record highs, some edginess could creep in now. The fourth quarter earnings of companies, Donald Trump’s policies, progress of the monsoon and smooth passage of GST will determine the direction over the coming quarters.

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After logging gains in prior five weeks, key benchmark indices took a breather last week as investors resorted to profit booking. On the macro data front, the Central Statistical Office (CSO) on Tuesday reported that GDP expanded by 7% in the third quarter, surprising market participants. Subsequently, the benchmark indices rose to record 52-week highs. However, profit-booking started thereafter, that kept indices on a leash. Last week, the Sensex fell 60.52 or 0.21% to settle at 28,832.45. The Nifty 50 index fell 41.95 points or 0.47% to settle at 8,897.55. The BSE Mid-Cap index fell 123.07 points or 0.91% to settle at 13,409.04. The BSE Small-Cap index gained 32.39 points or 0.24% to settle at 13,620.17. Domestic and global macroeconomic data, trend in global markets, investment by FPIs and DIIs, the movement of rupee against the dollar and crude oil price movement will dictate trend on the bourses in week ahead.

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Key benchmark indices advanced last week as investors gave thumbs-up to FM Arun Jaitley's Union Budget 2017-18 which focused on stimulating growth. Last week, the Sensex rose 358.06 points or 1.28% to settle at 28,240.52. The Nifty 50 index rose 99.70 points or 1.15% to settle at 8,740.95. The BSE Mid-Cap index gained 320.68 points or 2.47% to settle at 13,285.41. The BSE Small-Cap index gained 309.98 points or 2.36% to settle at 13,422.10. After four months of selling frenzy, overseas investors turned net buyers in February and pumped in over Rs 2,300 cr. over the last three sessions, enthused by clarity on FPI taxation. The latest inflow followed a net pull-out of Rs 80,310 crore from equity and debt together in the past four months (October-January). Global central banks largely maintained status quo in their monetary policies with the US Federal Reserve, Bank of Japan and Bank of England keeping rates unchanged.

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Market began the week on a subdued tone but soon resumed its upward journey after the private sector bank Indusind bank reported better than expected numbers. Sentiments further boosted as the country’s Industrial Output shrugged of the impact of demonetisation to surge to a one-year high of 5.7 per cent in November as compared to a contraction of 1.8 per cent in the previous month. In separate data issued by the statistics department, retail inflation decelerated to 3.41 per cent in December against 3.63 per cent a month ago with vegetable prices showing a slump. During the last couple of days of the week IT bellwether TCS and Infosys reported their earnings, TCS reported a decent set of numbers and Infosys cut the upper end of its full-year revenue growth forecast to 8.8% in constant currency terms as Indian software exporters brace for a more protectionist visa regime in the U.S., the industry’s largest market.

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