Markets further rose higher as benchmark indices extended winning streak to third consecutive week. Once again falling crude oil prices, strengthening rupee against the US dollar and smart buying momentum ahead of the crucial RBI meet led the markets to close with smart gains.
The coming week promises to be full of action as all eyes will be on the RBI meet on November 19. The liquidity crunch in NBFCs, a widening divide between the apex India bank and the government are among the major elements to be taken up for discussion.
Sector-wise, the PSU Bank index rose 2.5%, FMCG was up 1.5%, Infra rose 1.5%, while the Energy index gained 1.6% in the week to November 16.
On the other hand, the Pharma index fell 3.5%, Metals fell 2.2%, Realty declined 1.6%, Auto dropped 1.8%, while the IT and the Midcap 100 indices edged lower by half a percent each.
The Nifty FMCG index is showing signs of a consolidation pattern breakout on the daily chart. It has also convincingly surpassed its long-term 200-DEMA which is a positive development.
For the week, Nifty gained by a percent while the Bank Nifty rose 1.5%.
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