After a quiet start, the markets seemed to be set for another round of consolidation. But heavy buying in heavyweights like Reliance, Sail and HUL saw the indices surge that resulted in weekly gains of 7.3% for the Nifty and 6.4% for the Sensex.

The Nifty today closed at 4,837 up 90 points, while Sensex shut shop at 16,564, up 216 points.

It was not only an interesting end to the week but an entire interesting week for equity markets. The week saw some terrific gains on account of 50 bps rate cut by the Fed. Sensex saw its biggest weekly points gain and biggest single-day points gain.

SA Narayan, MD of Kotak Securities echoes market sentiment when he says he would be bullish on interest rates sensitives more. "I think the fear of the interest rate is more or less over; Indian interest rates seem to have peaked now. At what point of time they will start the downward movement is a point we need to look at, but I do not see it going up from here. That is good news for the market. Hence, if one were to look at sectors, I would look at interest rate sensitive sectors like banking, real estate, autos etc."

He does not see a big downside from here for Indian markets. Status quo markets could be in the range of 300 points plus-minus from here.

Dipan Mehta, Member of BSE & NSE doesn't expect too many threats or any global turmoil or problems emerging from that front. Hence, he justifies a 17,000 and beyond on the Sensex. He said, "17,000 and beyond is definitely on the cards. The kind of euphoria over the past three-four days that is getting built-up, unless there is something negative globally or some political problem in the immediate short-term, I think this market could easily scale to be on 17,000."

Though he believes that only if the technology stocks do not fall for the next few days, will we see 17,000. What has been keeping the market back at this point of time is the likes of Infosys, Wipro, TCS, which have got huge weightage within the Nifty and the Sensex.

Maarten-Jan Bakkum, EM Strategist at ABN Amro builds confidence when he says, "We see India as one of the more defensive markets because the growth outlook is probably stronger and more sustainable in a more difficult environment. It could be that more foreigners think like that. I also think that the liquidity situation within India itself for any investors is also still very good.

Mahesh Patil, Fund Manager at Birla Sunlife MF sums it up saying, "Going forward, while we have reached a historic high, longer-term outlook still remains pretty good. Valuations though not really cheap, but with a longer-term perspective, the earnings growth should really be what the market should deliver on a one-year period."