Sensex snaps 3-week winning spree, drops 110 points
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Sensex snaps 3-week winning spree, drops 110 points

Last Updated: Sunday, March 16, 2014, 09:12
 
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Sensex snaps 3-week winning spree, drops 110 points
Mumbai: Even as the BSE benchmark Sensex breached 22K level during the week for the first time in the history, it snapped 3-week of gaining string, tumbling by 110 points to end at 21,809.80 due to profit booking following tightening of norms by Sebi.

The Sensex breached the 22,000 mark for the first time on Monday on the back of continued overseas investor interest linked to upcoming polls.

The NSE 50-shares Nifty also touched a new intra-day peak of 6,562.20 during the week surpassing previous lifetime peak of 6,537.80 hit on last Friday.

The buoyant mood was somehow disturbed by country's exports which contracted 3.67 percent in February to USD 25.68 billion.

A steep fall in software major Infosys also affected the market sentiment. Infosys crashed by 9.40 percent after the company said it expected muted growth in January-March quarter and even probably in the next financial year.

"Buoyed by better than expected macro-economic data, equity benchmarks were seen making a positive start. However, gains remained capped as some cautiousness crept in the market as SEBI has tightened norms to prevent money laundering through capital markets," said Jayant Manglik, President, Retail Distribution, Religare Securities.

Meanwhile, retail inflation eased to 25-month low of 8.1 percent in February and industrial growth registered a modest growth of 0.1 percent in January. WPI inflation also eased to nine-month low of 4.68 percent in February.

The Sensex resumed lower at 21,819.19 and hovered in a range of 22,023.98 and 21,573.48 before ending the week at 21,809.80, showing a loss of 109.99 points or 0.50 percent.

It had gained by 1,552.97 points or 7.62 points in the previous three weeks.

The NSE 50-share Nifty also dropped by 22.45 points or 0.34 percent to finish at 6,504.20. It had also gained by 478.30 points or 7.91 percent in the previous three weeks.

Meanwhile, Foreign institutional investors (FIIs), bought shares worth Rs 302.49 crore in the just ended week, including the provisional data of March 14.

Eighteen scrips out of the 30-share Sensex pack ended higher, while 12 others finished lower.

Major losers were Infosys (9.40 percent), SSLT (7.81 percent), Tata Steel (7.70 percent), Hindalco (7.54 percent), Sun Pharma (4.97 percent), Gail India (4.14 percent), Tata Motors (3.84 percent), TCS (3.77 percent), Axis Bank (3.62 percent), Wipro (3.27 percent) and Bharti Airtel (2.09 percent).

However, Hero MotoCorp rose by 6.10 percent, Tata Power 5.05 percent, L&T 4.84 percent, M&M 4.61 percent, HDFC Bank 2.86 percent, ITC 2.80 percent, ONGC 2.30 percent, BHEL 2.10 percent, RIL 1.97 percent, Dr Reddy's Lab 1.82 percent, Cipla 1.29 percent and Icici Bank 1.04 percent.

Among the S&P BSE sectoral indices, IT dropped by 6.09 percent, followed by Teck 5.20 percent, Metal 4.82 percent, HC 1.68 percent and CD 1.09 percent while CG rose by 3.47 percent, Realty 2.07 percent, Oil&Gas 1.50 percent, Bankex 1.39 percent and FMCG 1.29 percent.

Total turnover at the BSE and NSE was Rs 13,131.24 crore and Rs 70,010.16 crore, respectively, as against the last weekend's level of Rs 14,514.40 crore and Rs 65,707.81 crore.



PTI

First Published: Saturday, March 15, 2014, 19:57


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