Hope is not lost. All went well for the Indian stock market last week. It was the most profitable week in 17 months. Sensex rose 2311.45 points (4.31%) to 56072.23 and Nifty 670.25 points (4.17%) to 16,719.45. Positive signs seen in the global stock markets, foreign investors who had continued to sell and started buying in the Indian market, and the excellent performance of some companies all helped this. The market was also influenced by RBI sources’ assessment that the rupee fell above Rs 80 for the first time but there is no need to worry about it. However, concerns remain as to whether markets can continue their gains ahead this week, including the US Federal Reserve’s new interest rate announcement. The July holiday trading contracts due to expire on Thursday could also add to market volatility. Fiscal deficit estimates for India are also due this week
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