The index, heaving 30 constituents, measures what kind of expectations are being factored in by the stock markets in the run up to the Union Budget, which is scheduled to be presented on February 1.
"Benchmark indices ended the first week of 2024 with minor losses, and the midcap index ended the week with gains for the second consecutive week. Sectoral indices ended the week on a mixed note. Eight out of 12 sectors rose while four declined. The realty sector was the top gainer, rising more than 7%," Arvinder Singh Nanda, Senior Vice President of Master Capital Services, said.
If the board of directors of Bajaj Auto approves the buyback of shares, then it will be the second instance of the company buying back its shares in the last two years.
Nifty has rallied from 18,850 to 21,593 in the last two months. After this 2,700-point rally, the index closed with a indecisive candlestick last week. FII index longs have reached 65.5% level, which is near the upper range. Nifty is likely to trade volatile in the 20,950-21,600 range in the coming weeks.
Stocks such as Axis Bank, SBI, Tata Motors, Sun Pharma, Canara Bank, PFC, DLF, Godrej Properties, PI Industries, Aurobindo Pharma, and Dr Lal Path Labs have exhibited bullish trend on the charts, as per the analysts.