Bulls had the upper hand in the Indian stock market for the fourth consecutive week, with key indices gaining about 3%. The Sensex gained 300 points over the previous week's close to end at 10,349 points on Thursday. Similarly, the Nifty gained 3.3% to close at 3,211 points. However, experts cautioned that one needs to be cautious as this may not signal a sustained uptrend and people should avoid getting carried away by the recent recovery in markets.

1. Bulls have it for fourth straight week
Bulls, backed by strong global bourses, continued to have an upper hand at the Indian equities
markets for the fourth consecutive trading week ending Thursday, with a key index gaining about 3
percent from its previous weekly close.
Markets remained closed Friday on account of Ram Navami.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended Thursday at
10,348.83 points, with a gain of 300.34 points, or 2.99 percent, over the previous week's close of
10,048.49 points.
Similarly, the S and amp;P CNX Nifty of the National Stock Exchange (NSE) gained 3.3 percent
from its last close to end at 3,211.05 points.
The Sensex hit an intra-week high of 10,431 points and a low of 9,521, while the Nifty hit an
intra-week high of 3,228.7 points and low of 2,962.
The BSE midcap index ended 6.52 percent higher than its previous weekly close, while the BSE
smallcap index was up 6.14 percent.
'This weeks's rally has been quite healthy and we are now about 30 percent up from the lowest level
but one needs to be cautious and not get carried away,' said Jagannadham Thunguntula, equity
head at SMC Capitals.
'Whenever markets recover, people tend to enter in a big way thinking that the uptrend has begun,
but that is not the case always,' Thunguntula added.
Markets started the week on a negative note aping their global peers, with the Sensex falling 480.35
points or 4.78 percent at 9,568.14 points.
The Nifty did no better and lost 4.2 percent from its last close to shut shop at 2,978.15 points.
Bulls made a comeback of sorts Tuesday with the Sensex gaining 1.47 percent or 140.36 points
from Monday's close to close at 9,708.50 points.
Similarly, the Nifty gained 1.44 percent over its last close to end trade at 3,020.95 points.
Wednesday saw Indian equities markets climb higher as investors bought lower valued realty, IT
and oil and gas stocks.
Sensex rose 193.49 points or 1.99 percent to close at 9,901.99 points, while the Nifty gained 1.47
percent to end trade at 3,065.45 points.
Thursday was another good day for the bulls as the Sensex soared 4.51 percent.
Throughout the week, global bourses acted as a prop for its Indian peers as government heads
across the world converged at the G20 summit in London to take significant steps to boost demand.
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2. Data with market watchdog Securities and Exchange Board of India (SEBI) for the week ending
Thursday showed foreign funds were net sellers, shedding scrips worth $255.8 million.
'This might not be a breakout, one needs to be cautious,' said Thunguntula.
( © IANS / India eNews)
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