The Nifty will struggle at the current level. If it breaks out of 6,030, it may head towards 6,220

The market closed higher for the third week in succession on supportive global cues and upbeat results from IT major Infosys. Assurance from US Federal Reserve that the central bank will continue with its bond buying programme for the “foreseeable future”, and quarterly results from Infosys which beat expectations were seen as the main reasons for the gains. Investors will focus on headline inflation figures for June and quarterly results from corporates in the week ahead.

The Sensex closed the week at 19,958, up 463 points (2.37%) and the Nifty settled 141 points (2.40%)  higher at 6,009. The market alternated between losses and gains in the early part of the week while positive cues boosted the market in the last two days. The Nifty will struggle at the current level. If it breaks out of 6,030, it may head towards 6,220.

The fall of the rupee to an all-time low against the dollar and weak global cues led the market lower on Monday. Positive global cues help the indices close higher on Tuesday. The market closed near the lows of the day on Wednesday on concerns that quarterly earnings from corporates would come in below expectations.

Assurances from the US Fed that it will continue with its stimulus programme boosted the market on Thursday. The market settled higher on Friday on support from IT and technology stocks after Infosys’ quarterly results beat estimates.

BSE IT (up 10%) and BSE TECk (up 8%) were the top sectoral gainers this week while BSE Auto (down 2%) and BSE Oil & Gas (down 1%) settled at the bottom of the list.

The top gainers in the Sensex list were Infosys (up 14%), Sun Pharmaceuticals, Wipro (up 7% each), Larsen & Toubro (up 6%) and BHEL (up 5%). The main losers were Maruti Suzuki (down 7%), Mahindra & Mahindra, ONGC (down 6% each), GAIL India and Tata Motors (down 1% each).

Infosys (up 14%), HCL Technologies, Kotak Mahindra Bank (up 8% each), Reliance Infrastructure, Sun Pharma (up 7% each) were the top performers on the Nifty. The key losers on the index were L&T (down 29%), Maruti Suzuki, M&M (down 7% each), ONGC and BPCL (down 6% each).

Domestic passenger car sales fell 9% to 1,39,632 units in June 2013 over June 2012, as demand continued to suffer due to rising ownership costs and sluggish economic growth. Sales of motorcycles fell 9.2% in June to 799,139 vehicles while truck and bus sales were down 13.5% at 56,197 units, the Society of Indian Automobile Manufacturers (SIAM) said.

India's merchandise exports declined 4.56% to $23.78 billion in June 2013 over June 2012, government data released on Friday showed. Imports rose 0.37% to $36.03 billion. The trade deficit in June 2013 stood at $12.24 billion down from $20.1 billion in the previous month.

India’s consumer price index (CPI) or retail inflation rose to 9.87% (combined) in June 2013 as compared to 9.31% in the previous month. The corresponding inflation rates for rural and urban areas are 9.63% and 10.13%, respectively.

IT major Infosys on Friday reported a 3.7% increase in consolidated net profit to Rs2,374 crore for the first quarter ended 30 June 2013, up from Rs2,289 crore in the year-ago period.

Consolidated revenue for the reporting quarter was up 17.2% to Rs11,267 crore from Rs9,616 crore in the year-ago period.

While, Infosys kept its US dollar revenue guidance unchanged at 6%-10% for this fiscal, it revised its rupee revenue guidance upwards to 13%-17% from 6%-10% for the same period.

In international news, US Fed chief Ben Bernanke on Wednesday said the economy still needs help from the Federal Reserve’s low interest rate policies. The comments boosted world markets the next day.