Nifty hit a high of 52, but minor profit booking last Thursday and Friday erased some of its earlier gains. Nifty closed at 8638 on Friday, and it is likely to test 8715 in the near term. Optimism about passing the GST bill and expectation of a moderate rate cut by RBI on August 9, supported the markets. Individual stocks like PNB and Dr Reddy witnessed profit booking after the Q1 earnings, but Asian Paints made a new 52-week high after a stellar performance. Companies which are manufacturing paints, aviation stocks, oil marketing companies and plastic furniture manufacturing companies are likely to move up in the days to come, because of weak crude oil price. Crude oil lost its key support and it may test $37 per barrel, due to higher inventory.

Finance Minister Arun Jaitley speaks in the Rajya Sabha in New Delhi during the ongoing monsoon session. Pic/PTI