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B. Krishnakumar

THE movement in the Nasdaq composite Index was in line with last week's expectations. In line with the bullish outlook, the index managed to move up during the week. The near-term outlook continues to remain positive with a move towards the 1650-1700 range on the cards.

Except for a weak trend on Wednesday and Thursday, the overall market sentiment at the American bourses remained bullish during the just-concluded week. The flow of improved performance from the corporate sector provided the much- needed buoyancy to the market.

However, the sentiment was dented for a while during the week on concerns pertaining to sustained recovery in economic fundamentals. The concerns voiced by the Fed also had a negative impact. But, the sharp recovery on Friday, helped the benchmark indices recoup lost ground. The Dow Jones Industrial Average registered a 0.3 per cent rise for the week. The S&P 500 index gained 0.4 per cent and the tech-heavy Nasdaq Composite 1.2 per cent.

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