Market to remain in a range

The market is likely to remain in a range in the near-term. A consolidation around the present levels is likely before the next phase of the rally begins, says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The undercurrents in the economy indicate a robust economy capable of sustaining the current trend of earnings growth into FY 25. Leading indicators like power demand, housing demand, credit growth and revival of rural demand suggest a resilient economy which can keep the market buoyant, restrained only by valuations, he said.

Fairly valued segments like banking may be accumulated on dips.

Falling crude is positive for paints, tyres and aviation where demand continues to be robust, he added.

BSE Sensex is up 279 points at 69801 points on Friday. JSW Steel is up 3 per cent.