The market extended its northward journey for the fourth consecutive week ended November 11, and may surpass the record high hit a year back. Falling inflation, the possibility of lower rate hikes by the US Federal Reserve (the Fed), a declining US dollar, and healthy FII (foreign institutional investor) buying supported the market sentiment.
During the week, the Nifty50 climbed more than 200 points, or 1 percent, to 18,350, the highest closing level since October 19, led by buying in banking & financial services, technology, and metal stocks.
The BSE Sensex moved closer to the 62,000 level, rising 845 points to 61,795, but the broader markets had a dismal performance as the Nifty Midcap 100 index fell 1 percent and the Smallcap 100 index declined half a percent.
However, if global markets provide healthy support, then the leading indices may touch record highs, on the back of strong performance by IT and bank stocks. But subsequent to a strong rally, some consolidation can't be ruled out in the coming week, experts said.