Morgan Stanley pegged BSE Sensex earnings growth at 5 per cent, 23 per cent and 24 per cent for financial year 2018, fiscal 2019 and fiscal 2020, respectively.
From the week, Nikkei was down 1.47 percent while Kospi ended lower by 1.95 percent. Hang Seng for the week fell 3.2 percent while the Dow lost 2 percent, its weakest weekly performance since late March. The S&P 500 fell 0.9 percent and the Nasdaq declined 0.7 percent.
Sectorally, the Nifty Bank closed 1.3 percent higher for the week, followed by the Nifty Metal index which rose 3.1 percent, and the Nifty PSU Bank index gained 2.8 percent.
Formation of bullish engulfing pattern signifies that bulls have taken control over D-Street.
HDFC (up 2.6 percent), HDFC Bank (1.25 percent), Bajaj Finance (3.5 percent), ITC (1.65 percent), and Bajaj Finserv (3 percent) were leading contributors to the Nifty gains.
While constructing a portfolio, investors should only focus on bluechips displaying growth visibility.
Hadrien Mendonca of IIFL said it will be in the interest of traders to remain stock specific at the current juncture.
At this point in time, he prefers private sector corporate lenders over state run peers.
Asian shares are trading mixed amid trade and economic concerns; OPEC meeting ahead.
Prakash Gaba of prakashgaba.com advised selling Bajaj Auto with a target price of Rs 2,790 and stoploss at Rs 2,855.
The S&P BSE Sensex closed 114 points lower or 0.32 percent at 35,432 while the Nifty50 closed 30 points down or 0.29 percent at 10,741.
Minor Put writing was seen at 10,750 and 10,800 strike while Call writing was seen at 10,800 and 11,000 strikes. Option data suggests a broader trading range in between 10,700 to 10,850 zones.
Oil marketing companies HPCL, BPCL and IOC gained 2-3 percent on sharp correction in Brent crude futures.
According to Rakesh Jhunjhunwala, there is no credible leader in the opposition party to take on PM Modi. I am sure that the next government will be a BJP government despite what people feel, he said.
With over 175 international countries supporting the Yoga practice, it has a clearly paved way to become mentally and financially healthy.
Vinod Nair of Geojit said the selloff in the mid and smallcap space can provide a value buying opportunity when the market turns around
Jay Thakkar of Anand Rathi Shares expects the market to trade with a negative bias in the July series
It is overwhelming to know how significant a basic principle of Yogic can be applied to financial well-being.
Dharmesh Shah of ICICIdirect believes that this consolidation would form a higher base which would set the stage for testing the upper band of the current consolidation levels placed around 10,930.
Relative valuations are attractive and around average, but midcap valuations are still looking stretched despite the recent drawdown, Morgan Stanley said in a recent note.
Index heavyweights Reliance Industries, Infosys, ICICI Bank and HDFC continue to lend support while FMCG and select banking stocks are under pressure.
Sectorally, the Nifty Bank rose 1.1 percent, followed by Nifty Realty index which rose 1.10 percent, and the Metal index closed 0.99 percent higher.
On the options front, maximum Put OI is placed at 10,700 followed by 10,600 strikes while maximum Call OI is placed at 11,000 followed by 10,800 strikes.
The Sensex rallied 260.59 points to 35,547.33 and the Nifty rose 61.50 points to 10,772 amid balanced market breadth.
Oil retailers IOC, HPCL and BPCL were down 0.7-2 percent on rising crude prices in the international markets.