Weekly Review: Markets bounce by 2%

Key indices Sensex (^BSESN) and Nifty (^NSEI) bounced by nearly 2.0 per cent over the week even as global markets are expected to influence activity at home amid possibility of FII pullout at the year-end.

Technically, increasing build up in the Nifty positions as also in the futures and options indicate that the market unlikely to continue with the upward movements.

Analysts feel that foreign institutional investors (FIIs) which made record investments so far in the current calendar year, may book profits in the next two months as it marks the end of their accounting year.

Over the week, the Bombay Stock Exchange 30-share index ended at 16,158.28, a net rise 262 points or 1.65 per cent over its last weekend's close.

Similarly, the National Stock Exchange's broader 50-share Nifty gained 84.45 points or 1.79 per cent at 4,796.15 at the weekend from the previous weekend's close.

The dramatic bounce came after a two-week slide took the Sensex below 16,000-level to a ten-week intra-day low of 15,330.56 on November 3, as the government rushed to the rescue of market, putting at rest speculation about withdrawal of financial packages given a year ago.