Dear readers, we have been publishing weekly review of major market movement to enable our readers to take better investing decisions. I hope these reviews are informative.

Markets gained for a second consecutive week to reach 17,117 on Friday, rising 1.5% over the last week. The week saw a lot of good news for the markets. In the beginning of the week, better than anticipated GDP data set the bullish tone. But on Tuesday, week Chinese industrial production combined with negative global cues pushed the markets to the extent of 372 points or 2.2%. However, post that, positive global cues, good auto and cement numbers kept the mood upbeat in the market for the rest of the week. Sensex touched 17,000 mark on Thursday, first time since May 18. The BSE auto index jumped 4.4% to 7,894, it was followed by FMCG, PSU and healthcare. Fact that monsoon reached the coast earlier also added to positive sentiments.

Markets should open weak under the influence of weaker than expected US Employment numbers and weak closing of US markets on Friday. For next week, key events to watch out will be the meeting of empowered group of ministers (EGoM) on Monday, 7 June 2010 regarding the decontrolling of oil prices. Also IIP data for the month of April will be released which is keenly watched. 

Author:Praveen Bajaj

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