Equity benchmarks witnessed profit booking during the previous week ahead of state election verdict, as it closed lower by almost 1.5 percent during the previous week on the back of weak global cues. Broader markets also witnessed selling pressure as the Nifty Midcap and small-cap indices closed lower by 2.6 percent and 2.7 percent respectively.
The S&P BSE Sensex closed at 35673, down by 521 points while the NSE Nifty closed at 10693, down by 183 points for the week.
Among the Nifty constituents, Hindustan Unilever, Infosys, and Wipro were the top gainers whereas Axis Bank, Bharti Airtel, Grasim, HCL Technology, Hindalco, ITC, JSW Steel, M&M, Maruti, Reliance, SBI, Sun Pharma, Tata Steel, and Tata Motors were the major draggers on the index.
In the last five sessions, the index has retraced the preceding five-day rally from10490 to 10941points.
According to the experts, volatility is likely to remain high in the coming week on account of the five state election results and the volatile global cues in the share market.
It is being expected that the index is likely to consolidate over the next few sessions in the broad range of 10500 to10941 points, thus forming a base for the next up move. Therefore, one should stick to only quality midcap stocks to ride the next upward move.