Sensex breaks 3-week losing streak

After falling for three consecutive weeks, the Indian market bounced back this week to register gains led by continuous buying in information technology (IT), telecom and consumer durable(CD) stocks coupled with the hope of European Union bailout for Greece that eased the Euro zone debt concern. Both the domestic benchmark indices regained their crucial levels—the Sensex 16000 and Nifty 4800. The Sensex finished the week 237 points higher after swinging 550 points during the week. Nifty was up 1.44% for the week.

The bulls came to act again; it was all green on sector indices front. On improved investor interest in IT, telecom and consumer durable stocks BSE IT was up by 3.58% followed by BSE TECk that gained 3.35% and BSE CD that surged 2.35% for the week.

In the coming week the market will remain in a consolidation mode till we approach the Railway Budget (due on February 24, 2010) and Union Budget (due on February 26, 2010). How the European Union bails out Greece from the fiscal deficit will also set the trend of Indian market in the coming week.