Markets on cloud 9

Indian equities logged its ninth back-to-back positive weekly close as fears over Greece’ fiscal deficit, weaker US consumer data and India’s food inflation rising to 17.70% that could lead to monetary tightening by RBI was outweighed by rising exports in February 2010, the fourth in a row, encouraging automobile sales figures and robust buying in realty and consumer durables scrips.

Sensex swung 369 points and Nifty 109 points during the week with the respective indices touching their 25-month high of 18047 and 5399. The BSE benchmark rose 241 points (1.36%) to 17933 and Nifty 71 points (or 1.35%) to 5362.

Global equities had a mixed outing. The European market fell the most as Greece’ fiscal deficit worries resurfaced. CAC 40 (France) tumbled 1.39% during the week (up to April 08, 2010)—the most for any index. Asian indices closed mixed as Hang Seng surged the most among all with gains of over 3%.

All the 13 sector indices except information technology index (BSE IT) posted gains. BSE IT ended the month 0.50% lower on the back of growing concern on hardening rupee. The top gaining sector indices were—BSE Realty (up 5.69%), BSE CD (up 4.54%) and BSE Power (up 3.15%).

The stocks that drew maximum investor’s interest include Indiabulls Financial that surged the most by 20.86%, followed by Allahabad Bank that rose by 15.80% and Central Bank of India up by 11.64%.

On loser’s list, below-expectation provisional FY2010 results dragged Bharat Electronics Ltd (BEL) down in the week, as the stock slid by 10.19%—the most— followed by Procter & Gamble that declined 8.18% and SAIL that closed 6.94% lower.

As per Securities and Exchange Board of India (SEBI) data, foreign institutional investors (FIIs) were the net buyers during the week making a net investment of Rs3,462.7 crore in the week (up to April 08, 2010). Domestic institutional investors (DIIs) continued to be the net sellers in this week selling equities to the tune of Rs96.30 crore.

The market in the coming fortnight is slated to witness a raft of events, which include index of industrial production (IIP) numbers for February (scheduled on April 12), monthly and weekly Inflation on April 15, India Inc’s earnings session kicking off with IT major and Sensex heavyweight Infosys Technologies announcing its results on April13 that will give idea about other IT firms earnings and RBI’s annual monetary policy announcement on April 20. All these important events may decide the faith of the market in the coming week. FIIs inflow in the Indian market and global scenario will also impact Indian market in the coming week.