Indian stock markets seemed to have stabilised this week after rampant selling pressure weighed heavily on key indices for a month. A benchmark index logged modest gains — moving 236 points up from its previous weekly close.
The markets, which were closed Friday on account of Mahashivratri, shook off the worries from rising sovereign debt in some European countries and the ramifications it could have on a global economic recovery, which is still in early stages.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose 236.94 points or 1.49 percent to end Thursday at 16,152.59 points, from its previous weekly close at 15,915.65 points.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) too ended in the red at 4,757.25 points, gaining 108.2 points or 2.29 percent.
Broader market indices too ended the week in the green with the BSE midcap index closing 1.15 percent up and the BSE smallcap index rising 1.28 percent.
The Sensex hit an intra-week high of 16,203 points and a low of 15,652 points while the Nifty hit an intra-week high of 4,843 points and low of 4,675 points.
The top gainers were Ambuja Cements (up 7.1 percent), Hero Honda (up 6.7 percent), Infosys (up 6.2 percent), Grasim (up 5.2 percent) and Bharti Airtel (up 4.8 percent).
Among major losers were Tata Steel (down 3 percent), Tata Power (down 1.5 percent), DLF (down 0.6 percent), NTPC (down 0.5 percent) and ITC (down 0.5 percent).
Data with markets watchdog Securities and Exchange Board of India (SEBI) showed that foreign funds were net sellers during the week, having sold scrips worth $612.14 million.
In the coming weeks, before the budget analysts expect a rally buoyed by continuing growth numbers and better than expected industrial production figures.
However, India Inc would also have its eyes on what stance the government takes on continuing the stimulus measures taken during the economic slowdown last year.