With overseas fund houses betting big on Indian equities,the stock market is likely to continue its upward journey this week,analysts said. "We expect the market to remain firm as even advance tax numbers were higher than that of last year," SMC Global Securities Research Head (Retail) Saurabh Jain said. "With the positivity from the global front,we are steadily approaching near the all-time high zone and are likely to extend the up move in the coming weeks with required consolidation for the sustainable move," Jain added. In the past week,Indian markets continued their strong momentum and scaled new highs. The Sensex and Nifty reached levels last seen in January,2008,backed by robust inflows from FIIs. "The momentum of the market has been very strong. It is likely to remain so unless there is any significant negative development in the global space," brokerage firm ICICIDirect said. Equity analysts,however,also said that profit-booking cannot be ruled out in the coming days,as the market has risen very fast in recent sessions and many blue-chip stocks are trading at lifetime high levels. "Due to very fast movement,some profit-booking cannot be ruled out. However,those corrections should be taken as an opportunity to get into the market. Investors should maintain caution at higher levels," a broker said. Some analysts also said that on Friday,the market sentiment would also be somewhat influenced by the judgement in the Ramjanambhoomi-Babri Masjid dispute. The Allahabad High Court will deliver a judgement in the Ramjanambhoomi-Babri Masjid case on September 24. Analysts also said the market would be keenly watching the meeting of the US Federal Reserve scheduled on September 30. The US Federal Reserve is expected to launch a stimulus package at its meeting,seeing the worrisome situation of high unemployment and weakness in construction activity as indicated by the latest Fed Beige book finding. According to ICICIDirect,"Though any rate hike is not expected,assessment of the economy and indication of future steps would be important for market direction." The market remained positive in four out of five trading days in the previous week. The Sensex ended the week at its best level since January 17,2008. During the week,the Sensex recorded a gain of 4.2 per cent,its best weekly rise so far this year. "The market is sustaining the rally as inflows from overseas investors is coming in relentlessly and in the coming days too,this rising spree is likely to continue," Geojit BNP Paribas Research Head Alex Mathews said.
