The week opened on the weak note. Immediately after the opening session indices plunged down in the red zone. Both the indices tried to stay in the positive zone but finally closed in the negative zone. Sensex closed -79 points and Nifty at -38 points. Nifty closed below 4393. It seems that the nifty will have good support at 4390-4360 levels. The rupee fell to its lowest in 17 months on Monday, hit by weak stock market. Rupee fell for the fifth day against the dollar. This triggered buying in IT shares, as this sector earns a substantial portion of its revenues in dollars, and hence benefits from a stronger greeenback. Global investors have started showing intrest in Indaia markets. Foreign inflows in Local markets have been low, but it is better then the redemption they are doing in the other emerging markets. India funds saw an inflow of $52 million in the last week ending Aug 13. Inflows have touched $151.5 million in the last 4 weeks. But is still far better then the Chinesse equities, that have received inflows of around $2 billion in a month.
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