It was charge of the bulls on SEs this week

It was charge of the bulls on SEs this week

It was a good week for Indian equities markets with its benchmark indices logging handsome gains for the week and a bullish trend gaining strength across the market breadth.

The week was marked by all-round buying on expectation of strong economic growth and heavy capital inflow from funds into equity markets.  Enlarged buying by foreign funds and short-coverings by operators ahead of expiry of derivatives contract on March 31 also boosted the sentiment.

Traders lapped up stocks, which had been oversold in recent weeks, following political turmoil in the Middle East, rising inflation levels and the Japan earthquake and tsunami which also hit a  nuclear power plant resulting in radiation dangers from crippled reactors.

The market mood turned more positive after legendary American investor Warren Buffett promised big investments in the country, preferably in the financial services and consumer goods sectors.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), ended the week at 18,815.64 points, up 5.24 per cent from the previous week’s close of 17,878.81 points. The Nifty at the National Stock Exchange also soared a similar quantum to close the week with a 5.22 per cent gain at 5,654.25 points. It had ended the previous week at 5,373.7 points. Broader indices too rose with the BSE midcap index logging a 3.25 per cent gain, while BSE small cap index crept up 2.61 per cent.

Foreign institutional investors bought equities worth $118.38 million during the week.

FIIs have pumped in over Rs 2,008 core in the current month. Other Asian markets too closed the week in the rise as optimism crept back into the bourses that the Japan’s nuclear troubles and political turmoil in the middle east would get tackled soon.