The Sensex ended the week on a pleasant note. It started the day on a cheerful note, but soon fell into the negative zone to bounce back into the positive terrain.

Afterward, the index marched ahead in the afternoon trades and maintained its potency for a short period.

The index lost some of its gains after resuming and gained further strength. Strong buying was seen in the frontline stocks.

Stock market analyst Vishwas Agarwal stated that the Bombay Stock Exchange (BSE) at 15,750 has a possible upside at 16,150 and 16,350 and a downside of 15,555 and 15,350.

The clarification given by the Union Finance minister P Chidambaram with regards to the waiver of Rs 600 billion will help the banking segment, added Vishwas.

Union Finance Minister P Chidambaram has made announcement that the ministry will provide Rs 60,000 crores in cash to banks over next three years in order to clear up the burden of farm loan waiver completely.

Starting July, the lenders will be handed Rs 25,000 crore within next 12 months. The remaining funds will be paid in coming years - Rs 15,000 crore in 2009-10, Rs 12,000 crore in 2010-11 and Rs 8,000 crore in 2011-12. The process of identifying beneficiary farmers would be completed by June 30, 2008.

He further said that the Fed Reserve meet which is planned for the coming Tuesday is a significant event that may help the mood of the world markets.