July has been outstanding for the market as the Sensex hit a fresh record high of 36,740.07 and the Nifty reclaimed the psychological 11,000-mark for the first time since February 1. Hopes of a recovery in June quarter earnings and stability in the rupee-dollar and crude oil prices propelled the market higher.
The earnings season started last week on a positive note as Tata Consultancy Services and IndusInd Bank reported a healthy set of earnings while Infosys met analyst expectations. Even Hindustan Unilever reported a robust set of numbers, though partly on a low base.
The Sensex started off the week in the negative, falling more than 200 points, which was largely due to profit booking in stocks that led the market higher last week.
That does not mean bulls are off track. The current correction was part of the bull run and was largely due to carnage in mid- and smallcaps. The Nifty may reclaim its earlier record high of 11,171 seen in January, though in the short term it may be rangebound, experts said.
Read more--Stocks update
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