Nifty 50, Sensex and Nifty Bank indices began the truncated week on a strong note. The indices were up 1.5 per cent each mid-week. But they fell towards the end of the week giving away some of the gains. However, this movement is very much in line with our expectation. The broader trend is still up. The reversal that has happened from the intraweek high last week will just be a short-lived correction. Supports are there to limit the downside for the benchmark indices and keep the broader uptrend intact.

Among the sectors, the BSE IT index surged the most last week. It was up 3.16 per cent.

FPIs buy

Foreign Portfolio Investors (FPIs) bought Indian equities for the third consecutive week. But the quantum of purchase was less. The equity segment saw a net inflow of $96.2 million last week.

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