Sensex snaps 2-week gains on selling pressure, falls 620 points
Quotes

Sensex snaps 2-week gains on selling pressure, falls 620 points

Last Updated: Saturday, February 01, 2014, 16:26
 
 Comment 0
 
Sensex snaps 2-week gains on selling pressure, falls 620 points
Mumbai: The week saw stock markets witnessing immense volatility amidst selling pressure as the S&P BSE benchmark Sensex snapped its last two-week gains, tumbling by 620 pts following hike in the interest rates by Reserve Bank of India (RBI) coupled with further reduction in its monthly bond purchases by US Federal Reserve.

Profit-booking by wary investors due to expiry of futures and options contract on Thursday and fresh capital outflows also affected the market sentiment.

The sentiment further dampened after the rupee slipped past the 63-mark versus dollar.

Almost all sectors witnessed selling pressure, led mainly by interest rates related stocks from Realty, banking and Auto segments. Metal and Power sectors also suffered losses.

Small-cap and Midcap sectors also dropped on profit- booking from retail investors as these indices fell by 2.81 percent and 2.28 percent, respectively.

The Sensex resumed lower at 20,899.03 and fell further to more than two-month low of 20,343.78 before settling the week at 20,513.85, still showing a loss of 619.71 points or 2.93 percent. It had gained by 375.07 points or 1.81 percent in the previous two weeks.

The NSE 50-share Nifty also dropped by 177.25 points or 2.83 percent to end at 6,089.50. It had also risen by 95.30 points or 1.54 percent in the previous two weeks.

The BSE benchmark, which touched a two-month intra-day low after RBI increased the short-term lending rate by 0.25 percent, was hit by a sharp 8 percent drop in Maruti Suzuki India shares after announcing quarterly earnings.

Jignesh Chaudhary, Head of Research, Veracity Broking Services said: "Indian equity markets were burdened by Fed's decision to trim the bond buying programme by a further USD 10 billion. This resulted in weak trading in all the markets of the emerging economies and Indian markets too followed suit."

Contraction in Chinese manufacturing was also among the factors behind drop in Asian markets.

Foreign Institutional Investors (FIIs) sold net worth Rs 3,215.97 crs during the week as per the figures issued by the SEBI's, including the provisional figure of January 31.
Major losers were Maruti Suzuki 7.74 percent, Axis Bank 7.24 percent, SSLT 7.03 percent, HDFC bank 6.68 percent, ICICI Bank 6.56 percent, SBI 5.94 percent, Tata Motors 5.57 percent, Tata Steel 5.39 percent, RIL 4.57 percent, Coal India 4.03 percent, NTPC 3.95 percent, Hindalco 3.86 percent, Hero Motocorp 2.72 percent and Sun pharma 2.41 percent.

Among the S&P BSE indices, Realty dropped by 7.31 percent followed by bankex 6.72 percent, Metal 4.71 percent, Auto 3.21 percent, Power 2.76 percent, PSU 2.61 percent and Oil&Gas 2.23 percent.

Total turnover and BSE and NSE rose to Rs 10,756.26 crore and Rs 60,496.76 crore, respectively from Rs 10,185.66 crore and Rs 52,515.73 crore last week.



PTI

First Published: Saturday, February 01, 2014, 16:21


Comments


comments powered by Disqus
India`s top ten billionaires
India`s top ten billionaires
Pradhan Mantri Jan Dhan Yojana - In Pics
Pradhan Mantri Jan Dhan Yojana - In Pics
Apple Smartwatch unveiled
Apple Smartwatch unveiled
Apple iPhone 6, iPhone 6 plus
Apple iPhone 6, iPhone 6 plus
Samsung Galaxy Tab 4 Nook
Samsung Galaxy Tab 4 Nook

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