This week, Nifty closed down 4.!% and Sensex lost 4%. Bad results such from L&T and US President Obama’s proposal to put new limits on the size and trading practices of big banks further dragged the Markets down.

Nifty manged to make a high of 5,293 and a low of 4,955 during the week. Asian and European markets also took a beat, especially financial stocks. Adding fuel is speculation that China will raise interest rates by June end and increase banks’ reserve requirements.

India’s largest private refiner posted a 14.5 per cent rise in net profit for the quarter ended Dec 31, 2009. RIL reported a net profit of Rs 4,008 crore, up 14.48 per cent from Rs 3,501 crore in the corresponding period a year ago. Net sales stood at Rs 56,856 crore for the quarter ended on Dec 31, 2009 against Rs 31,563 crore in the same quarter last year. Gross refining margin was at $5.9 per barrel. The company’s Q3 petrochemical revenues rose 17 per cent while Q3 refining revenues soared 143 per cent. Fertilizer stocks performed well during the week.

The top gainers: The top gainers in the Sensex were Maruti Suzuki (up 2.2%), Bharti Airtel (up 1.5%), Hero Honda (up 1.5%), Hindustan Unilever (up 0.6%) and BHEL (up 0.4%).

The Top Losers: The top losers in the Sensex were L&T (down 10.9%), Ranbaxy Labs (down 9.5%), DLF (down 8.7%), Tata Power (down 8.4%) and Grasim (down 8%).

Technically speaking Nifty faces strong support at 4950 levels, a close below this could lead us to new lows.

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