Weekly Market Review: Fifth straight weekly loss for Sensex
Quotes

Weekly Market Review: Fifth straight weekly loss for Sensex

Last Updated: Saturday, March 24, 2012, 15:10
 
 Comment 0
 
Weekly Market Review: Fifth straight weekly loss for Sensex
Mumbai: Short covering and anxiety over the Reserve Bank of India's ability to ease interest rates next month weighed heavy on Indian equities markets as a benchmark index closed lower for the fifth consecutive week.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed 0.6 percent lower at 17,361.74 points, down 104.46 points or 0.6 percent, from its previous weekly close at 17,466.2 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also closed in the red at 5,278.2 points, 39.7 points or 0.74 percent down from its previous weekly close.

For the week, broader markets also ended in the red with the BSE 500 index closing 0.56 percent lower.

Foreign institutional investors (FIIs) were, however, still positive about Indian equities. According to data available with the Securities and Exchange Board of India, FIIs bought stocks to the tune of USD 387.38 million in four days of trading for which data was available.

The Reserve Bank of India will lay out the monetary policy for the next fiscal on April 17 and analysts earlier were majorly of the view that the central bank would start easing rates.

But a higher borrowing programme by the government, outlined in the budget and the apex bank saying that containing inflation still remained its prime focus could dash those hopes. Moreover, high crude prices could result in an increase in domestic retail prices, again spiking inflation.

Losers during the week on the 30-scrip Sensex included: DLF, down 5.6 percent at Rs.196.25; Sun Pharma, down 5.2 percent at Rs.545.05; TCS, down 4.8 percent at Rs.1,167.50 and HDFC Bank, down 4.7 percent at Rs.507.70.

Gainers included ITC, up 6.9 percent at Rs.222.45; M&M, up 5.5 percent at Rs.688.75; HUL, up 3.9 percent at Rs.403.25 and Hero MotoCorp, up 2.9 percent at Rs.2,017.80.

Among global bourses, Asian markets closed in the red on a weekly basis.

The Japanese Nikkei fell 1.17 percent during the week to close at 10,011.47 points, while Hong Kong's Hang Seng moved down 3.04 percent and ended at 20,688.8 points Friday.

The Chinese Shanghai Composite index shed 2.3 percent to end the week at 2,349.54 points.

European markets too closed in the red.

Britain's FTSE 100 closed 1.86 percent lower at 5,854.89 points, while the German DAX fell 2.27 percent at 6,995.62 points.

The French CAC 40 shed 3.3 percent to close at 3,476.18 points.

Markets in US ended lower as well.

The S&P 500 index edged 0.5 percent during the week to close at 1,397.11 points, while the Dow fell 1.15 percent and closed at 13,080.73 points.

The Nasdaq, however, managed slender gains moving up 0.41 percent to close at 3,067.92 points.

IANS



First Published: Saturday, March 24, 2012, 10:23


Comments


comments powered by Disqus
BRICS Annual Summit 2014
BRICS Annual Summit 2014
Tata Zest Standout Features: In Pics
Tata Zest Standout Features: In Pics
New car launches in July
New car launches in July
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics
Google I/O 2014
Google I/O 2014

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