Indian stock indices gained 1.5% during the week, mainly due to a powerful rally on Friday, after the ECB President delivered on the promise made by him recently in its fight against the three-year-old debt turmoil. It may be recalled that Indian indices had snapped a four-week winning streak last Friday on worries that policy paralysis will continue to be a major headwind for the Indian economy and markets.
 
In fact, India is at a risk of losing its investment grade debt rating if the Centre fails to announce any significant reform(s) in the coming days. That could partly offset the positive vibrations generated by the ECB monetary stimulus and the impending QE3 from the Federal Reserve.
 
Next week will be an important one again, as markets will react to the latest IIP and WPI inflation numbers. Globally, the key event to keep on one’s radar will be the two-day FOMC policy meeting. ECB President Draghi has kept its promise on monetary stimulus. Will his US counterpart do an encore on QE? We will have to wait and watch. 

For the week, the BSE Sensex and the NSE Nifty ended at 17683 and 5342 respectively adding ~1.5% each.

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Sensex top gainers: The top gainers in the Sensex were Maruti Suzuki (up 5.4%), Infosys  (up 5.3%), Reliance Capital (up 5%), Hindustan Unilever (up 4.6%) and Reliance Power (up 4.3%).

Sensex losers: The top losers in the Sensex were BHEL (down 3.9%), Tata Power (down 3.4%), ITC  (down 1.8%), Ranbaxy Labs  (down 0.9%) and HDFC Bank  (down 0.8%).

The BSE IT Index (up 3.1%):The top gainers in the IT sector were Mahindra Satyam (up 7.1%), HCL Tech  (up 6%), Infosys  (up 5.3%), Wipro  (up 4.2%) and TCS (up 3.2%).

Oracle Financial declined 1% during the week.

The BSE Healthcare Index (up 0.7%):The top gainers in the Pharma space were Aurobindo Pharma (up 11.7%), Wockhardt  (up 9.2%), Strides Arcolab (up 8%), Dishman Pharma (up 6.4%) and Emami  (up 4.3%).

The top losers were Astrazeneca Pharma (down 4.2%), Glenmark Pharma (down 3.3%), Torrent Pharma (down 1.7%), Zandu Pharma (down 1.5%) and Cadila Healthcare (down 1%).

The BSE Auto Index (up 2.7%): The top gainers in the auto space were Maruti Suzuki (up 5.4%), Bajaj Auto  (up 4.4%), Tata Motors  (up 3.8%), Ashok Leyland (up 2.7%) and Hero Motocorp (up 2.1%).

Eicher Motors was the only loser, the stock was down 2.9%.

The BSE Oil & Gas Index (up 1.6%):The top gainers in the oil & gas space were Jindal Drilling (up 4.7%), Essar Oil  (up 3.7%), Reliance Industries (up 3.3%), Hindustan Oil (up 3.1%) and BPCL (up 3.1%).

The top losers were Chennai Petroleum (down 6.8%), GSPL (down 3.7%), Shiv-Vani Oil (down 2.6%), Cairn India (down 0.9%) and MRPL (down 0.6%).

The Telecom Sector: The top gainers in the telecom space were WWIL (up 17.2%), Gemini Comm (up 14.7%), Shyam Telecom (up 5.8%), Idea Cellular (up 5.4%) and RCom (up 5.2%).

Himachal Futuristic fell 1.8% during the week.

The Realty Sector (up 2.4%):The top gainers in the real estate space were HDIL (up 7%), DLF  (up 4.3%), Ansal Props (up 3.9%), Mahindra Lifespace (up 1.7%) and Parsvnath (up 1.3%).

Anant Raj Indus fell 2.1% during the week.

The Metals sector (up 0.6%):The top gainers in the metals sector were Ispat Industries (up 18.7%), Jindal Stainless (up 7.5%), Tata Sponge Iron (up 4.5%), Sunflag Iron (up 4.4%) and Lloyds Metals (up 3.3%).

The top losers were JSW Steel  (down 2.9%), Jindal Steel (down 1.4%) and SAIL (down 0.7%).