Indian stock markets maintained its upward trend and gained more than 500 points during the week, ended on August 08, despite weak global markets, high inflation numbers and slumping growth.

The Federal Reserve’s decision to keep the benchmark lending rates the same at 2% assisted the stock market to lift up from the lows and consolidate a bit.

The Sensex, which marked its closure at 15,167.82, gained 511.13 points during the week, whereas the 50-share index, NSE Nifty profited 115.95 points to close the week at 4,529.50.

The weekly sectorial picture showed the major gainers as Banking, which gained 9.90%, Auto surged 8.58% followed by Consumer Durable and capital goods with 7.36% and 3.58% respectively.

The metal sector declined 1.30% because of government decision not permitting the metal companies to increase the output prices.

For the week ended Jul. 26, 2008, Inflation reached a new double digit high, in over a decade at 12.01% being the highest in more than 13 years, primarily because of higher prices of pulses, spices, egg, fish and meat.

The wholesale price index-based inflation was 11.98% during the last week.

BSE Midcap and Smallcap gained 4.32% and 2.88% respectively during the week.

According to Alex Mathew, head, research centre, Geojit Financial Services, said that the stock markets had a good week all together and had filled its bags with good numbers.

He also said that for Sensex, 15000 and 14599 are the support levels while 15406 (100 DMA) and 17107 (200 DMA) are seen as the resistance.

Mr. Mathew added that Nifty is having support at 4403, which is the 10 day exponential moving average, and the resistance could be seen at 4612 (100 DMA). If the stock market trades and closes above this for 2 days, then it could test 5100 (200 DMA).