Equity markets would track global cues for further direction this week and may face volatility amid monthly derivatives expiry and rich valuations, analysts said.
The BSE Sensex made history on Friday by reaching the 60,000-mark for the first time ever. It took just eight months for the BSE benchmark to cover the journey from 50,000 in January this year to scale the unprecedented 60,000 mark for the first time on Friday. The Sensex has traversed from 1,000 points to the historic 60,000 level in a little over 31 years.
"The roaring bull market is continued in the Indian market with climbing all walls of worries where Sensex has crossed the new milestone of 60,000. We are in a classical bull market like the 2003-2007 phase where this bull run is likely to continue for the next 2-3 years," said Santosh Meena, Head of Research, Swastika Investmart.
However, he put a word of caution after a parabolic move in last few days because short-term correction cannot be ruled out in coming days.
Sharing similar sentiments, Motilal Oswal, the MD & CEO of Motilal Oswal Financial Services Limited said, "Given rich valuations, one cannot ignore intermittent volatility - however we expect the positive momentum to continue on the back of improving economic activity and recovery in corporate earnings."