Mumbai, April 18
The Indian equities markets were dampened during the weekly trade ended April 17, proving that mere endorsement of economic growth potential by international financial institutions is not enough and that corporate India\'s earnings have to catch-up with the high expectations.

Even though India\'s economic growth potential was endorsed from the likes of the World Bank, IMF, Asian Development Bank, Organisation for Economic Co-operation and Development (OECD), Moody\'s and Economist Intelligence Unit, this was not enough to cheer the markets.

The equities markets\' were solely focused on the fourth quarter earnings season and the outlook that companies had to offer for future growth.

The benchmark 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE) lost 457.28 points or 1.58 percent during the weekly trade session ended April 17.

The Sensex had ended the weekly (April 17) trade session at 28,422.10 points. For the previous weekly trade ended April 10, the BSE Sensex had closed at 28,879.38 points.

The S&P BSE Sensex had gained 619 points or 2.19 percent during the weekly trade ended April 10 to end at 28,879.38 points, against the (April 1) close 28,879.38 points.

\"The markets were dampened mainly due to poor quarterly results of some of the major companies. There was also no positive triggers for the market during the last week,\" Devendra Nevgi, chief executive of ZyFin Advisors told IANS.

According to Nevgi, investors were cautious about the Greece economic crises and its fall-out on the Eurozone economies and other international events like the instability in Yemen.

\"Investors were concerned about an external shock that could have emerged from the Greek debt cises, Yemen unrest and appreciating oil prices,\" Nevgi added.

Anindya Banerjee, senior manager, Kotak Securities told IANS, that the Indian markets still remained expensive to invest-in and that further reforms and ground level execution of government\'s plans will add-in more confidence.

\"The markets are expected to remain choppy during this results season. Plus there are no signs of the economy improving due to structural issues that have dented sentiments. New economic reforms and execution of earlier reforms will add-in more investor confidence,\" Banerjee added.

Vinod Nair, head-fundamental research, Geojit BNP Paribas Financial Services said that the markets would now like to understand the earnings outlook.

\"Based on that (outlook), 2015-16 earnings growth will be decided which continues to be pegged at 18-20 percent growth,\" Nair said.

Nair pointed-out that the growth in earnings will depend on the higher allocation of expenditure by the government towards infrastructure projects.

\"Given the high expectation for 2015-16, minor downgrade on earnings cannot be avoided. Having said that, the short-term impact on earnings will not hamper the market deeply,\" Nair added.

Other major developments last trading week that impacted markets were the growth forecast on Indian economy by major international financial institutions.

A week after it revised its outlook on India to positive from stable, international credit rating major Moody\'s pegged India\'s growth at 7.5 percent for 2015. While the Economist Intelligence Unit said a 7.1 percent expansion will be sustained over the next four years.

Another positive trend was that of banks lowering their lending rates, though in a small proportion of only 25 basis points.

Also on a healthy note was the March CPI (consumer price index) inflation which came at 5.17 percent, lower than 5.37 percent CPI for February.

The 30-scrip Sensex closed Friday\'s trade over 220 points down at 28,442.10 from Thursday\'s close at 28,666.04 points.

The major Sensex gainers on Friday were: Sesa Sterlite, up 3.18 percent at Rs.210.60; Tata Steel, up 2.53 percent at Rs.345.85; Hindalco Industries, up 1.86 percent at Rs.139.80; BHEL, up 1.18 percent at Rs.234.85; and NTPC, up 1.15 percent at Rs.158.

The losers were: Sun Pharma, down 4.80 percent at Rs.1,037.30; Tata Consultancy Services (TCS), down 4.22 percent at Rs.2,476.20; Axis Bank, down 3.23 percent at Rs.534.15; Bharti Airtel, down 2.70 percent at Rs.406.05; and Wipro, down 2.46 percent at Rs.586.55.

Poor earnings overrule growth endorsement, dent market sentiments (Weekly Review)