According to market observers, the wide movement in the Indian equities markets was led by respective stocks which led to high volatility.

However the broad indices rallied and touched new record highs due to funds being pumped in by the foreign investors.

"The markets reacted to sector specific stocks on related earnings in the previous week's trade," Devendra Nevgi, chief executive, ZyFin Advisors said.

The benchmark 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE) was down 95.89 points or 0.32 percent in the weekly trade ended on January 30.

The barometer index closed at 29,182.95 points, while it had ended trade at 29,278.84 points on Jan 23.In the weekly trade ended Jan 23 the S&P BSE Sensex had gained 1,156.95 points or 4.11 percent. It had closed the week ended Jan 23 at 29,278.84 points, while it had ended trade at 28,121.89 points on January 16.

The markets resumed trade on on Tuesday (Jan 27) after remaining shut on January 26 on account of Republic Day. It touched three new record intra-day highs in the weekly trade ended on January 30.

"Markets in an overdrive mode. We are hitting a new high almost every second day," said Gaurang H Shah, vice president, Geojit BNP Paribas Financial Services.

"The impact of the visit of US President Obama is now being factored in by the markets and what remains to be seen is how the government is going to take it forward on policy changes and implementation."

For the week ended on January 30, the FPIs massively bought stocks in equity markets worth Rs.6,926.89 crore or $1.12 billion, according to data with the National Securities Depository Limited (NSDL).

The FPIs had picked up stocks worth Rs.5,748.07 crore or $930.99 million in the previous week ended on January 23.

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