Fifth straight weekly loss for Sensex (Weekly Market Review)March 24th, 2012 - 4:26 pm ICT by IANS
Mumbai, March 24 (IANS) 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 $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.
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- Sensex closes 370 points lower, capital goods lose (Roundup) - Jan 30, 2012
- Sensex closes 236 points lower on negative global cues - Nov 15, 2011
- Sensex continues 5-week rally, closes 102 points higher (Roundup) - Feb 06, 2012
- Sensex slips 477 points on high crude prices, profit booking (Roundup) - Feb 27, 2012
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- Sensex falls 155 points, first weekly loss in 2012 (Roundup) - Feb 24, 2012
- Markets under pressure, Sensex closes 168 points down (Roundup) - Mar 01, 2012
- Sensex closes 82 points lower as industrial output slows (Roundup) - Feb 10, 2012
- RBI measures fail to cheer market, Sensex slips 90 points (Roundup) - Jun 25, 2012
- Sensex closes 85 points up, Bharti drags (Roundup) - Feb 08, 2012
- Sensex pares some losses, closes 148 points down - Oct 20, 2011
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