India: Wide volatility continued in the last week, which was again a holiday-shortened week. The market breached some of the important technical and psychological levels, as the benchmark Sensex tested the 11000 mark for the first time since October 2008. The Indian market got support from global markets, as some of the banks in the US reported better-than-expected results for Q1CY09. Infosys also reported better-than-expected results. However, the last couple of days in the previous week saw some profit taking at higher levels near some important technical resistance levels. On a week-on-week basis, the BSE Sensex gained 219 points or more than 2% to close at 11023.09. The S&P CNX Nifty ended at 3384.40, up by 42 points or 1.25%.Last week till Thursday FIIs were net buyers. However, domestic institutions remained sellers. Inflation declined further to 0.16%.
Other Asian Markets: Most of the Asian Markets ended positive for the week. Japan (down 0.6%), other Asian markets such as Hong Kong (up 4.7%), Singapore (up 3.8%) and China (up 2.4%) ended the week on a positive note. It may be noted that Asian stocks climbed for the sixth consecutive week, the longest streak of gains in more than two years, on increasing confidence that the worst of the global recession is over.
Major Global Markets: As for other global markets, Germany (up 4.1%) and France (up 4%) led the pack of gainers. They were followed by UK (up 2.7%), US (up 0.6%) and Brazil (up 0.5%).