Nifty has closed positive by 115 points for the week at 5352 and it is a strong weekly close as Nifty closes in on yearly highs at 5400. TELECOM stocks were big gainers in the week – BHARTI AIRTEL +16%, IDEA +15% after Credit Suisse upgraded the sector. BPCL rallied 6% after continued rally in Oil & Gas stocks while INFOSYS hit all time high ahead of results on Tuesday. ACC was top loser in the week with 3.5% loss followed by HUL and NTPC which lagged the overall market. Monsoon activity has picked up in the last week and covered the entire country on 6th July, 9 days prior to its normal date of 15th July. Cumulative rains in the country from 1 June – 7 July were 10% below normal. Total rainfall was 204 mm compared with the normal rainfall of 226.5 mm for the period. Important trigger to watch on Monday would be IIP data for May - Industrial output is forecast to grow 16% in May from a year earlier, lower than an annual growth of 17.6% in April, the median forecast of 22 economists shows ................................................ Read more from website FREE INTRADAY TRADING CALLS ARE AVAILABLE ON OUR WEBSITE ON ALL TRADING DAYS
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