It was another consolidation day on Friday as well as week for the market, especially after the Nifty clocked record high of 9,709.30 on June 6. It indicated that the market may be fully priced in likely good earnings and economic growth in current financial year, especially after expectations of normal monsoon, faster recovery from demonetisation levels, likely early NPA resolution and political stability.
The 30-share BSE Sensex was down 19.33 points at 31,056.40 while the 50-share NSE Nifty gained 10 points at 9,588.05 on Friday. Benchmarks fell more than 0.6 percent in the week gone by.
So far in the passing week, the Nifty struggled a lot to get back above 9,600 level but failed after many attempts. The index is likely to recover in the coming week but is unlikely to cross previous record high.
If it breaks 9,500 level, experts expect further correction, which would be considered normal following a sharp rally of 17 percent since the beginning of 2017. A steep fall is unlikely in near term.
Consolidation in last two weeks suggested that the market await GST implementation (that is expected to be effective from July 1), June quarter earnings that will begin next month and monsoon progress that is likely to be strong in July.
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