The index closed at 31,711, down 363.8 points
A lot depends on the corporate earnings season
RIL, ITC, Tata Steel and Lupin have gain 8% in the past 11 trading sessions.
Oil marketing companies soared on the back of higher crude oil prices
The Sensex came down from record high to end 9 points lower in range-bound trade on Friday
Indian markets have clocked one of their best 1st-half performance ever, ITC biggest contributor
Market gears up to brace initial GST hiccups; investors maintain cautious stance
After strong opening, quickly reclaimed 31k mark
Sensex took 15 days to crawl 0.7% from its previous peak to the fresh one
The 50-share Nifty too scaled a high of 9,673.30 before ending 69.50 points up, or 0.72%
The Met department's revised forecast on monsoon also bolstered the domestic equities
This is not the first time that analysts have come out with such stratospheric forecasts. In 2014
All sectoral indices registered losses; realty, auto, bank, consumer durables worst hit
Far away even from the 'safe' estimate of 40,000 some firms made 3 years ago, it's now losing steam
Seasoned investors don't care as much about the milestone as the journey
Mid- and small-caps have turned expensive. Further investments should be staggered
Mid-cap and small-cap indices have outperformed the Sensex's 13% year-to-date gains by a big margin
Needless to say, it is time to be cautious.
Markets are trading at 17.5x FY18 earnings, still away from the peak levels of 20x seen in 2008
RIL, L&T, HDFC Bank, GAIL and HDFC - have been major drivers for Sensex during the year