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Expect sideways movement with focus on Smallcap and midcap space
Expect sideways movement with focus on Smallcap and midcap space

Mumbai, May 7 : The week gone by had four trading sessions, but it had plenty of action and behaved on expected lines. It began positively, went sideways, gained and then crashed. At the end of it all, it was a flat week but with all important levels being touched.

BSESENSEX lost 58.15 points or 0.10 per cent to close at 61,054.29 points while NIFTY gained 4.00 points or 0.02 per cent to close at 18,069.00 points. The broader market saw BSE100, BSE200 and BSE500 gain 0.19 per cent, 0.30 per cent and 0.40 per cent respectively. BSEMIDCAP gained 1.41 per cent while BSESMALLCAP gained 1.27 per cent.

The Indian Rupee gained 2 paisa and closed at Rs 81.80 to the US Dollar. Dow Jones had a torrid week and lost on the first four days of the week. It recovered ground on Friday but ended the week with losses. Dow Jones lost 423.78 points or 1.24 per cent to close at 33,674.38 points.

The US FED raised interest rates by 25 basis points on expected lines. The new rate band is 5 per cent to 5.25 per cent and the same has come to these levels by increases in 14 months from March 22 when the band was next to zero at 0 per cent to 0.25 per cent. While the indication after the meeting is that there would be a pause going forward, there is new concern about the health of small regional banks in the US. PacWest and First Horizon Bank bore the brunt of selling and lost over 47 per cent and 40 per cent respectively while many other banks chipped in with smaller losses. Things are no longer hunky dory in the US as far as banking is concerned.

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