Mumbai, Sep 18 (TIWN) Sky-high valuations along with global tapering fears will impact stock market movements during the upcoming week.

Accordingly, market observers, pointed out high possibility of profit booking led slide on the back premium valuations and likely absence of positive domestic triggers.  Nonetheless, key indices — S&P BSE Sensex and NSE Nifty50 — are expected to reach new intra-day record highs of 60,000 points and 18,000-mark, respectively.  Last Friday, the Sensex closed at 59,015.89 points after making an intra-day record high of 59,700, while Nifty ended the day’s trade at 17,585.15 points.  It had breached the 17,790 level intra-day on last Friday.  “Broad market correction amidst high volumes gives the first hint of distribution,” said Deepak Jasani, Head of Retail Research, HDFC Securities.  “An adverse US Fed meet outcome next week could accelerate the correction that is typical in September, especially in the US markets.”