Weekly Snap shot...Sensex finally closed the week with loss of 1.4% while Nifty too ended the week 1.4% lower.

Indian Markets began this week on a negative note amid profit booking and weak global cues. Markets ended in the red in 3 out of 5 trading sessions. The last 2 days witnessed some bounce back on hopes that Greece referendum may not happen. Sensex finally closed the week with loss of 1.4% while Nifty too ended the week 1.4% lower.

Global Markets

• In a surprise move, the ECB trimmed interest rates by a quarter points to 1.25 percent.
• Factory activity in Asia's export powerhouses slowed to near three-year lows in October as European demand dropped; reinforcing fears the euro zone's debt troubles were sapping global growth.

Indian Markets

• India's exports grew by 36.3% on an annual basis to $24.8 billion in September, 2011, demonstrating impressive year-on-year expansion despite a slowdown in the US and Europe.
• With rising input costs and high interest rates, growth in eight key infrastructure sectors slowed down to 2.3% in September from 3.3% a year ago.
• n signs of sluggish employment market conditions, hiring activities across sectors witnessed a significant slump in October.

Key Sectoral Movement

All the sectoral indices except FMCG, Power and Realty ended in the red. The top losers were Auto, Metals, Consumer Durables and Oil & Gas, which lost 3.4%, 2.5%, 1.7% and 1.7% respectively. FMCG, Power and Realty rose by 0.7%, 0.5% and 0.1% respectively.

 

Outlook for week ahead

Next week being a holiday shortened week, Indian Markets could track and take cues from developments in Europe especially Greece although it ended this week on a good note.