Sensex may see sharp rally this week

The Bombay Stock Exchange’s benchmark Sensex is likely show a strong rally this week, driven by the strong numbers posted by Reliance Industries and expectations of a robust listing of the Coal India initial public offer, say analysts.

The Sensex shed 0.66 per cent last week. Yet, there are predictions of the index surging back sharply. “The country’s most valued firm, Reliance Industries, has posted better-than-expected second quarter numbers, which will boost the investor sentiment and lead the market to the 21,000-mark on Diwali,” CNI Research Chairman and Managing Director Kishore P Ostwal said.

The Reserve Bank of India’s quarterly review on November 2 and Coal India, which will list on bourses on November 4, can also trigger a rally, feel marketmen.

Meanwhile, the domestic market has seen record foreign inflows to the tune of $6.42 billion during October.

The Sensex had settled at 20,032.34 on Friday.