Previous Week : BSE Sensex settled at 17094 while NSE closed at 5207 points
Equity benchmark indices traded with high volatility in a narrow range during last week's trade. The Nifty started the week on a bearish note and dragged downwards in the first half of the week, but managed to recover its losses during the middle of the week. Sell off on Friday's trade mainly due to weak Q4 earnings by IT bellwether Infosys and subdued European stocks lead the benchmark indices closing near the low point of the week.
  • The BSE Sensex settled at 17094.51 down 391.51 points or 2.2% while the NSE Nifty closed at 5207.45, down by 115.45 points or 2.2% for the week
  • IT, Cement and Metals stocks were the major losers during last week's trade whereas FMCG, Healthcare and some of the banking and auto stocks were the major gainers
  • Petroleum and Natural Gas Regulatory Board directed Indraprastha Gas (IGL) to cut tariffs for certain types of gas in New Delhi in a bid to reduce prices for consumers
  • The government postponed the decision of allowing foreign carriers to invest in domestic airlines for next week
  • IIP numbers for the month of February came in at 4.1% v/s consensus expectation of 6.7%. The IIP for the month of January was revised downwards sharply from 6.8% to 1.1% mainly due "incorrect reporting" of sugar production and consumer non durables
  • Infosys delivered disappointing set of the numbers (dollar revenues lower than our and street estimates) and gave guidance of 8-10% v/s NASSCOM growth guidance of 10-12%
  • Nymex crude was flat closing at US$103/ barrel gaining 0.3% on a weekly basis (as on Thursday)

Week Ahead - ACC, Ambuja Cement, Hindustan Zinc would be the key result to watch for
The Nifty continues to trade in the broad range of 5150-5350 and only a breakout in any side will decide the trend for future course of action. Only a strong close above 5350 will see bulls regaining strength for a move towards 5500 or higher levels and on the other hand a breach of the 200 days SMA (5146) will the see the index testing next crucial support area of 5040-5000.
  • In April 2012, (till April 12, 2012), FIIs were net sellers to the tune of 284 crore and while DIIs were net buyers to the tune of 113 crore (provisional data)
  • Key data to watch globally would be Advance retail sales, housing starts and Industrial production in the US and Euro Zone CPI
  • In India, events to watch would be monthly inflation (WPI) and RBI policy decision on Tuesday
  • Key results to watch out next week would be ACC, Ambuja Cement, Hindustan Zinc, Cairn India, HDFC Bank and HCL Tech