Sensex fails to maintain mid-week gains, loses 75 points
Quotes

Sensex fails to maintain mid-week gains, loses 75 points

Last Updated: Saturday, December 22, 2012, 14:50
 
 Comment 0
 
Sensex fails to maintain mid-week gains, loses 75 points
Mumbai: The BSE benchmark Sensex failed to hold on to mid-week gains and ended the week lower by 75 points at 19,242.00 due to tail-end selling from operators triggered by worries over the US budget issue.

With this the 30-share index extended its losses for the second straight week.

Investor sentiment took a further hit after CBI on Friday filed a chargesheet in connection with alleged irregularities in spectrum allocation during the BJP-led NDA Government. The Central agency named three telecom players, including Bharti Airtel, as accused in the chargesheet.

A steep fall in overseas stock markets on worries over US budget deficit issue pulled down domestic shares.

"Global cues were not supportive as US fiscal cliff issues continued to overshadow other economic news," Amar Ambani, Head of Research at IIFL, said.

Trading sentiment was also dampened after Government lowered the growth projection for the current financial year to 5.7-5.9 percent from 7.6 percent estimated earlier.

The BSE benchmark resumed lower at 19,290.92, but recovered afterwards to hit a high of 19,520.51 on expectation of easing of monetary policy by Reserve Bank of India (RBI) next month. On its policy review on Tuesday, the Central bank kept key interest rates unchanged, but indicated that they may be cut in the next review.

However, the Sensex fell on fag-end selling due to weakness in global stocks on concerns over fiscal cliff in the world's largest economy. It settled at 19,242.00, a loss of 75.25 points, or 0.39 percent, over the last weekend close.

The NSE 50-share Nifty dropped 31.90 points, or 0.54 percent, to end the week at 5,847.70.

Good buying in metal stocks following indication of economic recovery in China, the world's largest consumer of copper and aluminium, boosted the market sentiment.

Pharma, IT and auto shares also were in demand.

Foreign Institutional Investors (FIIs) continued their buying spree during week, investing a net Rs 4,590.94 crore, including the provisional figure of December 21.

According to analysts, the next week will witness volatility in the markets as traders generally prefer to roll over positions ahead of the expiry of derivatives segment.

The December series will end on Thursday. The BSE and NSE will remain shut on December 25 on account of Christmas.

Major losers from the Sensex pack were L&T (3.01 percent), HDFC (2.81 percent), ITC (2.69 percent), HDFC Bank (1.80 percent), Bharti Airtel (1.54 percent), RIL (1.94 percent) and M&M (1.30 percent).

However, Tata Steel rose by 8.13 percent, Hindalco 7.62 percent, Jindal Steel 5.52 percent, Cipla 3.67 percent, Sterlite Ind 3.31 percent, Tata Motors 2.57 percent, Maruti Suzuki 1.99 percent, Sun Pharma 1.85 percent, HUL 1.63 percent and Hero MotoCorp gained 1.52 percent.

Among the sectoral indices, the BSE-Capital Goods dropped by 2.15 percent, BSE-CD 1.80 per cent, BSE-Oil&gas 1.23 percent, BSE-Realty 0.90 percent and Bankex lost 0.80 percent.

However, the BSE-Metal rose by 4.44 percent, BSE-HC (health care) by 0.97 percent and BSE-Auto was up 0.81 percent.

The total turnover at BSE and NSE was Rs 12,784.27 crore and Rs 63,160.24 crore, respectively as against the last week's level of Rs 10,387.37 crore and 64,486.65 crore.

PTI



First Published: Saturday, December 22, 2012, 09:52


Comments


comments powered by Disqus
Google I/O 2014
Google I/O 2014
Maker Faire @ White House
Maker Faire @ White House
Amazon unveils 3D `Fire` smartphone
Amazon unveils 3D `Fire` smartphone
RIL`s 40th AGM
RIL`s 40th AGM
Samsung Galaxy Tab S
Samsung Galaxy Tab S

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved