SENSEX, NIFTY CLIMB NEW PEAKS

The stock markets remained bullish and climbed new peaks on day-to-day basis in the week under review amid indications of a sharp downward correction ahead as the valuations looked stretched.

In the last nine days (including five days of the week) the bull-run was mind-boggling. The Bombay Stock Exchange (BSE) barometer completed the fastest 1,000-point journey in just six days and gained 1,787 points or 11.5 per cent during the strongest rally beginning September 18.

The 30-share BSE index ended the week at 17,291.10 against previous weekend's close of 16,564.23, a rise of 726.87 points or 4.39 per cent in the week ended September 29.

Similarly, the broader S&P CNX Nifty of National Stock Exchange (NSE) crossed the 5,000-points level and closed the week at a new closing peak of 5,021.35, a jump of 183.80 points or 3.8 per cent over previous weekend's close of 4,837.55.

The unprecedented surge was credited to a dramatic rise in FII inflows after the US Federal Reserve lowered interest rates on September 18.

Foreign Institutional Investors (FIIs) poured in more than USD 3 billion (Rs 13,600 crore) since September 19. This week's inflows stood at about USD 2 billion (Rs 8,500 crore) including the provisional number of Friday.

Analysts expect a downward correction after a phenomenal rise in share prices in a short period, while investors seemed optimistic about another rate cut by the Fed next month in the light of release of data showing sluggish housing sales and consumer confidence in the US.

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SHANKARDADA ZINDABAD HAS BILL CLINTON PUSH, FORMER US PRESIDENT TALKS OF GANDHIGIRI AT TANA MEET

Former US president Bill Clinton has said the single biggest challenge the present-day world is facing is one of "identity", a problem which was well understood by India's founding father Mahatma Gandhi.

"The most important challenge to the world is how we think and feel and teach our children how to think and feel...It is a thinking pattern," Clinton told delegates at the annual Telugu Association of North America here.

"It is the central challenge to the 21st century world. It is about identity, how you define your life in relation to others," he said.

"Gandhi understood this. He had a vision of India which was heartbreaking in the beginning -- Pakistan separates. Gandhi knew from the depths of his soul," he said.

"Sometime in the 21st century, the Indian economy, the Chinese economy and European economies will all be bigger than the American economy. Some time in the 21st century we will face the challenges of climate changes and resource depletion," he said, adding the way one deals with these issues will depend on "identity".

Clinton also did some fund raising for his wife Hillary, the top Democratic candidate seeking the party nomination. But not once during his keynote address did Clinton talk of his wife running for the nation's top office in November 2008 or seeking the support of those assembled.