Markets log third consecutive weekly loss

Indian stocks recovered from over 20-month low but logged third consecutive weekly loss, managing to reclaim the key 24,000-level, while the broader NSE Nifty closed above the 7,400-level.

PTI| Last Updated: Jan 23, 2016, 20:12 PM IST
Markets log third consecutive weekly loss

Mumbai: Indian stocks recovered from over 20-month low but logged third consecutive weekly loss, managing to reclaim the key 24,000-level, while the broader NSE Nifty closed above the 7,400-level.

Week's trading underpinned mostly by renewed global sell-off on worries driven by volatility in crude oil which slid below USD 28 per barrel, concern over the health of the Chinese economy, while domestic macro economy also contributed the fall with Rupee slumping over 28-month low, dip in exports and widening trade deficits along with mute earnings results in some of the corporates.

However, the index recovered on every fall temporarily on the back of value-buying and short covering, the actual support for the languishing market during fag-end of the week following recovery in global stocks amid rebound in crude oil prices and expectation of additional stimulus by European Central Bank (ECB) to help struggling Eurozone economy.

The BSE Sensex resumed lower by 24,400.78 and hovered in range of 24,563.34 and 23,839.76 before closing the week at 24,435.66, showing a marginal loss of 19.38 points or 0.08 percent.

However, the Sensex has lost 1,725.24 points or 6.59 percent in the last three weeks.

The NSE 50-share also eased by 15.35 points or 0.21 percent to end at 7,422.45.

Selling was witnessed by Oil&Gas, Realty, FMCG, BSE-PSUs , Power, Metals, Tech, HealthCare, Auto and IT sectors.

Foreign portfolio investors (FPIs) sold shares net Rs 6,214.04 crore during the week as per the Sebi's record including the provisional figure of Jan 22, 2016.

Among the 30-share Sensex pack, 15 stocks declined and the remaining 15 stocks rose during the week.

Major losers from the Sensex pack were Reliance Ind (6.45 percent), Coal India (5.74 percent), Cipla (3.96 percent), Hind unilever (3.92 percent), Maruti (3.88 percent), Bharti Airtel (2.43 percent), Dr Reddy (1.82 percent), ITC (1.63 percent) and ONGC (1.41 percent).

Axis Bank rose by 13.50 percent followed by Gail 9.31 percent, Bhel 7.91 percent, Tata Steel 7.48 percent, Hero Motoco 6.55 percent, ICICI Bank 3.65 percent, L&T 3.25 percent and Adani Ports 1.63 percent.

Among the S&P BSP sector and industry indices, power fell by 4.76 percent followed by oil&gas 3.45 percent, realty 2.74 percent, FMCG 2.72 percent, metal 1.19 percent, teck 0.72 percent, healthcare 0.68 percent, auto 0.32 percent and IT 0.12 percent, while capital goods rose by 1.15 percent and consumer durables by 1.10 percent.

The BSE Mid-cap and Small cap indices also fell by 1.46 percent and 1.71 percent, respectively. The decline in both these indices was higher than the Sensex decline in percentage terms.

The total turnover at BSE and NSE fell to Rs 15,848.61 crore and Rs 88,235.23 crore, respectively from the previous weekend's level of Rs 16,139.55 crore and Rs 91,174.44 crore, respectively.