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Indian stocks markets finally succeeded in salvaging a close in the positive territory, snapping the two week downtrend, as the enthralling close to 700 points rally in the last two trading session of the week for the Sensex helped it to overturn the massive losses incurred on the initial day of the week. The benchmark indices went on to re-capture the important psychological 5,450 and 18,200 levels and end the week with close to two percent gains amid encouraging global cues including a resolution over Greece debt trouble after it gained EU and IMF's approval of its latest five-year austerity plan and also after a decision by International Energy Agency to increase oil supplies. However, what followed in the last two sessions was healthy short covering rally as it seemed like investors keenly awaited for a catalyst to buy in India since they were of the belief that domestic markets have bottomed out and a lot of headwinds have been factored in. The BSE Sensex surged by 370.15 points or 2.07% to 18240.68 during the week ended June 24, 2011. The S&P CNX Nifty heaved by 104.85 points or 1.95% to 5471.25.

Food inflation numbers have ricocheted a week after showing some signs of moderation. According to the data released by Ministry of Commerce and Industry, the index for Food Articles group rose to 9.13 percent for the week-ended June 11, from 8.96 percent for the previous week. The Consumer Price Index (CPI) stood at 107 points in May 2011, higher by 7% as compared to the base of 100 in 2010 and marginally up by 0.1% from the month of April. Foreign Institutional Investors (FIIs) were net sellers in the equity segment in the week with gross purchases of Rs 10400.60 crore and gross sales of 11526.70 crore, leading to a net outflow of Rs 1126.10 crore.