The week that passed by saw the markets starting off on a high note on Monday but lost momentum as it went ahead. However , the markets closed in green buoyed by earnings numbers , hopes of RBI rate cut , rise in commodity prices , good monsoon forecast and continued buying from FIIs. The Sensex and Nifty finally closed the week at 25,838 and 7,899 – which is 211 and 49 points high respectively.
Last week witnessed positive signals from the stock markets as the Indian indices shrugged off the blues and ended the holiday shortened week in green , thanks to positive monsoon predictions, better marco economic numbers and positive global trends including strong crude oil prices. The Sensex and Nifty ended at 25,627 and 7,850 (up approx. 3.80%).
For the week ended April 8 , the markets recorded a steep fall of approximately 2% in spite of the RBI reducing the rates by 25 basis points. The less than expected rate cut probably triggered the sell-off dragging the indices down to a three week low. The Sensex and the Nifty ended at 24674 and 7555 which are 594 and 157 points down respectively.
Going ahead , this is a holiday shortened week with markets being closed on Thursday and Friday. Thrusday is Baba Saheb Ambedkar jayanti and Firday is Ram navami. So , much action is not expected from the participants except reactions to international trends. Moreover the next quarter results are going to be started with Infosys announcing the results on Friday. Expect more action next week as the results season kicks off.
Last week the stock markets opened train on a weak note due to sell off in pharma stocks. The US health regulators has issued some observations which could have a negative impact on some companies in the sector. The CNX pharma and the BSE S&P health care indices recorded a dip but subsequently , short covering in derivatives and somewhat good news from the US fed lifted he sentiments up. The Indian indices – the Sensex and the nifty – closed at 25,270 and 7,713 respectively with minor loss.
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