Global turmoil haunt markets this week

Investors turned cautious this week owing to negativity across the globe. Growing geopolitical tensions in the Middle East and North Africa pushing crude oil prices higher and political uncertainty back home weighed on the markets. Wobble in DMK and Congress relations on seat sharing ahead of elections in Tamil Nadu disturbed investors back home. Ongoing crises in Libya and protest in Saudi Arabia revived fears of further unrest in the world's top exporter. Adding to the negative tone, a ratings agency's downgrade of Spain reignited euro-zone debt concerns, and disappointing economic data from China and the United States heightened global growth worries. Already worried investors got a further jolt on Friday after a massive earthquake and tsunami in Japan, rattling world stocks. The Indian markets fell in three out of five sessions of the week.

The Sensex swung in a broad range of around 525 points between a high of 18583 and a low of 18059 and closed the week at 18174, down by 312 points or 1.69%. The Nifty swung 155 points during the week and closed at 5445, down 93 points or 1.68%.

Weakness may persist

The ongoing crisis in Libya was not enough to disturb the world indices. Reports of police firing on protesters in Saudi Arabia revived fears of further unrest in the world's top exporter. Adding to the negative tone, a ratings agency's downgrade of Spain reignited euro-zone debt concerns, and disappointing economic data from China and the United States heightened global growth worries. Global weakness may continue to haunt the Indian markets in trade today. The start is expected to be weak owing to slew of negative news across the globe. Oil prices will continue to be a major concern in the markets.

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Markets snap two-day rise on crude concerns

Escalating tensions in the Middle East have pushed crude oil prices higher, which have dampened sentiments across the world. Investors turned cautious and booked profits owing to global weakness. Markets traded in a narrow range with a negative bias. Rising crude oil prices raised concerns of inflation and rate hike; which further put pressure on the markets. The Nifty closed below the 5500 mark. It was a dull day for the markets with no respite till the close.Weak global cues dragged the Sensex lower by 39 points at 18431 in the opening trade. The index extended losses to hit the day’s low of 18261 in early trade. The Sensex remained rangebound and hit the day’s high of 18431 in afternoon session. Finally, the Sensex closed at 18328, down by 142 points and the Nifty fell 37 points to settle at 5494.

Markets today

The markets gained significantly on the news that crisis in Libya would end soon and OPEC also assured that they would increase production. The news that fertilizer subsidy would be given directly also gave a boost to the markets. The Sensex closed at 18439, up 216 points from its previous close, and Nifty shut shop at 5520, up 57 points.