The Indian equity markets just about managed to extend its winning streak to third consecutive week. Hopes of interest rate cut by the RBI in its next meet, rising crude oil price and decision of FED to keep interest rate as unchanged brought in some cheer on the bourses.
Sentiment got a boost after Federal Reserve policy makers kept key interest rates unchanged and scaled down its forecast for the number of rate increases to two in 2016 from an earlier projection of four. Spurt in crude oil prices which rose above US$40 per barrel for the first time since Dec. 3 bought some cheer too. Expectations are major producers will announce an output freeze on April 17 in Doha. Meanwhile, the oil marketing companies increased the price of petrol by Rs.3.07 per litre while it hiked the price of diesel by Rs.1.90.
The Indian currency continued to show strength against the US Dollar. It was down by 0.7% during the week. Wholesale prices fell for the 16th straight month in February, with WPI declining 0.91% compared with a 2.61% fall in the corresponding period of the previous year. In January, the index had fallen 0.90%. The December data has been revised to -1.06% from -0.73%.
For the week, BSE Sensex closed at 24,804 (up 0.3%) and NSE Nifty at 7,539 (up 0.4%). Sensex Top Gainers: The top gainers in Sensex were ICICI Bank (up 3.7%), Tata Motors (up 3.4%), Bharat Heavy Electricals (up 1.9%), Oil & Natural Gas Corp (up 1.5%), ITC (up 1%).
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