Indian stock markets continued its upward trend backed by lower than expected inflation numbers, encouraging worldwide signals and heavy buying action by funds.

Stocks, which pushed the benchmark index higher during the week, were Tata Steel that climbed 10.16%, HDFC surged 8.13%, RIL arose 7.10%, Wipro zoomed 6.47%, and BHEL was up by 6.14%.

In contrast, Reliance Com (13.18%), Maruti Suzuki (8.77%), Tata Motors (6.57%), Hindalco (5.82%) and NTPC (5.76%) were the major losers in the 30-share index.

Finally, the Sensex closed the week at 14,656.69 after gaining 385.75 points, whereas the 50-share index, Nifty profited 101.7 points to close the week at 4,413.55.

For the week ended Jul. 19, 2008, the wholesale price index, inflation, zoomed up 0.75% to stand at 11.98% as compared with 11.89% in the previous week, despite the RBI`s monetary tightening earlier in the week.

The stock markets remained volatile throughout due to the expiry of futures contract at the month-end

BSE Midcap and Smallcap climed 1.24% and 2.96%

P. K. Agarwal, president – research, Bonanza Portfolio, commenting on the daily market performance said that Indian stock markets have ignored higher inflation figures and continued to rally, despite weak global cues.

He also suggested that stock market seemed to have discounted all negatives. Investors can accumulate fundamentally strong stocks. Traders can continue to hold Long Positions with strict stop-losses.