The 30-share index Sensex gained 749.89 points to 9,424.24 during the week ended January 30, 2009, while the broad based NSE Nifty soared 196.25 points to 2,874.80 in the same period.
 
Indian equities, which posted sturdy gains on three of the four trading sessions, showed strong performance after three successive weeks of losses.

The market got well during the week on account of positive global signals and some reasonably good numbers from India Inc.

Short-covering due to expiry of January series derivative contract also contributed to the upmove during the period.

On Monday, the stock market was closed on account of Republic Day (Jan 26).

After Republic Day, Indian markets on Tuesday (Jan 27) opened the week on a firm note following global cues ahead of F&O January series expiry. The Sensex belled the day after gaining 128.72 points at 8,803.07.

The market touched the psychological mark of 9,000 mark as it rallied on central bank’s (RBI) decision and ended breaching 9,000 level.

Finally, it closed the day at 9004.08 with a handsome gain of 329.73 points, and Nifty closed at 2771.35 with a gain of 92.80 points.

The RBI kept its rate unaltered at 6%. The repo rate under the liquidity adjustment facility (LAF) was kept unchanged at 5.5%. The reverse repo rate under the LAF was kept unchanged at 4%. The cash reserve ratio (CRR) of scheduled banks was kept unchanged at 5%.

The 30-share index, BSE Sensex, on Wednesday (January 28), belled the session after making a gain of 73.57 points at 9,077.65. Later the index lost some of its gains and touched an intra-day low of 9,053.80. Realty and metal stocks helped the index to trade positive after touching a high of 9,270.75.

Finally, equities closed the day strongly with impressive results. Realty, auto and banks zoomed on hopes of interest rate cuts by the banking institutions.

Apart from this, the government on Wednesday cut the price of petrol by Rs 5 a liter, diesel by Rs 2 a liter and cooking gas by Rs 25 per 14.2 kg cylinder. This is the second cut in less than two months.
 
On Thursday, Sensex opened at 9,334.47, after making a gain of 77 points.

Sensex saw some short coverings and closed marginally lower amid volatility due to January F&O settlement. It traded in a lusterless mode throughout the day. Weak European opening and inflationary figures weighed the market reactions.
 
India’s benchmark wholesale price index (WPI), inflation surged marginally for the second consecutive week because of growing prices of food items, jet fuel and alcohol.

It stood at 5.64% for the week ended Jan. 17, 2009, up 4 basis points as compared to 5.60% a week ago.

The Sensex on Friday (Jan 30) belled the day at 9,111.12 after losing 125.16 points tracking weak global cues. Buying was seen at lower levels in the noon trades. Afterward, it gained strength on fresh buying action witnessed across frontline stocks. It also touched a high of 9,438.31.

During the week, mid-cap stocks gained 91.28 points to 2,941.47, whereas small-cap shares surged 83.51 points to 3,339.05.

Major gainers over the week in the sectoral indices were Metal up 15.21%, Realty 10.20%, Oil & Gas rose 10.11%, IT climbed 8.09%, and TECk went up 6.45%.

There were no losers in the sectoral indices over the week.