FIIs back, Sensex up 272pts

The stock markets remained upbeat during the week ended September 7 as buying gathered momentum on the back of robust economic growth, easing inflation and the return of foreign institutional investors (FIIs).

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Weekly Technicals

It's difficult to tell yet if this is a technical correction inside a major downtrend.

The market rebounded strongly through settlement week as short-covering triggered a technical recovery.

The Nifty closed at 4464 points for a rise of 6.54 per cent while the Sensex closed at 15318.6 points for a rise of 6.19 per cent. The Defty was up 6.93 per cent as the rupee also strengthened. The Nifty Junior jumped an incredible 8.14 per cent.

The recovery was across the board with the BSE 500 rising 6.64 per cent and a positive advance-decline ratio. This was despite FIIs being net sellers until the end of the settlement on Thursday.

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Bias changes to positive

After a smart rally last week, the markets may consolidate this week ahead of a likely fresh upmove. Last week, the Sensex surged over 6 per cent (894 points) to 15,318. In a matter of less than two weeks, the index has gained over 1,500 points.

However, on a monthly basis, the Sensex ended lower by 232 points after five consecutive positive months.

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