The rising global crude oil prices may put roadblocks on the way to an expected rally on the Indian bourses following the unveiling of corporate financial numbers by heavyweight companies in the week ahead.

Analysts and market traders say volatility would continue unabated in the share market in the coming sessions as institutional investors fret over the impact of surging crude prices on the country's inflation rate.

The stock market barometer 30-share Bombay Stock Exchange sensitive index or Sensex closed Friday at 6,479.54, a loss of 125.50 points or nearly two percent from its previous week's close.

The market closed in the negative zone after inching higher the previous week, with institutional investors adopting a cautious approach in the absence of any positive buying trigger.

The market index is trading nearly six percent lower from its all-time high of 6,915.09 touched March 8.

"Crude price is the main negative factor that has badly dented the sentiment of institutional investors. It's not going to go away very soon," said Neeraj Deewan, an equity market analyst with Quantum Securities.

"Though the overall investors' mood is quite positive on hopes that most of the blue-chip companies would post robust earnings numbers, the oil factor continues to wreak havoc," said Deewan.

"While we may see counter-specific actions in the days ahead on announcement of impressive numbers, the general market trading pattern will continue to be range-bound with a negative bias."

A host of heavyweight companies like Infosys Technologies, Tata Consultancy Services (TCS), Associated Cement Companies and Wipro will start unveiling their financial results for the January-March quarter from the week ahead.

Investors closely track the financial performance and earnings guidance of leading old and new economy companies to get a sense of the health of any particular industrial sector.

Oil prices surged to a record $58 a barrel Monday on fears that the growing demand for fuel in the months ahead might put pressure on supply.

The sustained rise in global crude oil prices is bad news for the Indian economy that imports 70 percent of its energy requirements. The price hike would increase operational costs of a slew of industrial sectors.    

Finance Minister P. Chidambaram said Friday the rising crude oil prices were a cause of concern for India but the government was taking steps to limit its impact on inflation.

He said the cabinet would monitor the impact of high crude prices on domestic petrol and diesel costs.

In the intra-week trade ended Friday, the stock market opened for the week Monday on a negative note as institutional investors adopted a cautious approach in view of the rising crude prices.

The share index extended its loss to the following session with investors rushing to pare their exposure, tracking the rise in crude oil prices.

After staging a moderate recovery Wednesday, the blue-chip equities ended lower for the next two sessions on across the board institutional selling pressure in lacklustre trading patterns.

--Indo-Asian News Service