There is a lot of enthusiasm amongst the investors, especially foreign investors, who are pumping in funds into domestic equities over the past few weeks post the state election results. Political stability and hopes of continuation of reforms going ahead coupled with US Fed's dovish stance on rates, falling bond yields and sliding crude oil prices has improved the sentiment. However, due to overbought technical conditions, the benchmark may consolidate in the near term but that said, the near-term outlook for the market continues to be in favor of the bulls.