The market will start off the next week by reacting to much awaited Federal Reserve chief Janet Yellen's speech, wherein she on Friday signalled a possibility of rate hike by end of 2016. Wall Street ended rangebound session lower on Friday after that speech.
Tata Motors, Asian Paints, Reliance, GAIL and Cipla were gainers while Wipro, Adani Ports, L&T, BHEL and Infosys were losers in the Sensex.
Equity benchmarks continued to consolidate with the Nifty hovering around 8600 level as investors maintained caution ahead of speech by the Federal Reserve Chief Janet Yellen at Jackson Hole tonight. The important point to watch out for in speech would be the indication of further rate hike.
Tata Motors was the biggest gainer, up 1.5 percent ahead of quarterly earnings later today.
With MSCI Asia ex-Japan up 25 percent from the lows in January, Sakthi Siva of Credit Suisse suggests buying the dips rather than chasing the rallies.