Nifty heavyweights at crossroads; HDFC, ICICI Bank look favourable on chart

HDFC Bank, Reliance Industries, ICICI Bank, Infosys and ITC collectively hold over 42 per cent weightage on the Nifty 50, and are expected to act as trend setters for the benchmark.

Indian equity market have witnessed a sharp rally in the last two weeks in spite of worries of slowdown in global economies, mainly the US and China, and lingering fears of a longer-than-anticipated regime of higher interest rates.

Now that the benchmark indices, the Sensex and the Nifty, have scaled new life-time summits and the buzz on the street is that the market may witness some consolidation going ahead. And as such, the outcome on interest rates decision by the US Federal Reserve on Wednesday might just act as a trigger.

The Nifty50 has rallied over 900 points in the last 11