Indian benchmarks slip over 2 percent on bank downgrade, poor factory output (Weekly market review)November 12th, 2011 - 3:31 pm ICT by IANS
Mumbai, Nov 12 (IANS) Indian equities markets fell during the week as high food inflation and falling industrial output depressed investor sentiments. Also, credit rating agency Moody’s downgrading several major banks weighed on the markets.
During the week, the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) slipped 2.11 percent or 369.79 points and closed Friday at 17,192.82 points.
At the National Stock Exchange, the 50-scrip S&P; CNX Nifty also fell 2.18 percent or fell 115.35 points to close the week at 5168.85 points.
Broader markets also ended in the red. The BSE 500 index closed 2.32 percent lower. The BSE midcap index fell 2.16 percent lower, while the BSE smallcap index slipped 2.78 percent.
“Markets were lower on the back of continued concerns on Europe and the lower-than-expected IIP numbers,” said Dipen Shah, Head-Fundamental Research, Kotak Securities.
“European concerns continued to impact global markets over the week with Italy being the new focus area. Greece has appointed a new Prime Minister and Italy is also expected to appoint one soon,” added Shah.
India’s industrial output fell sharply in September at 1.9 percent, official data showed Friday, growing the slowest in over two years as rising interest rates and a slump in investments started to bite. This even as latest data showed food inflation still hovering well above the double digits.
Prominent weekly Sensex gainers included Hindustan Unilever, up 4.4 percent at Rs.2,173.55; Hindustan Unilever, up 3.8 percent at Rs.396.15; Wipro, up 2.4 percent at Rs.381.70 and Bhart Airtel, up 1.7 percent at Rs.395.50.
Among losers on the benchmark Sensex were: Tata Steel, down 8.3 percent at Rs.430; DLF, down 8.3 percent at Rs.228.35; SBI, down 8.2 percent at Rs.1,797.65 and ICICI Bank, down 7.6 percent at Rs.822.50.
Asian markets closed lower amid uncertainty in the Euro zone.
On a weekly basis, the Japanese Nikkei closed 3.26 percent lower at 8,514.47 points, while Hong Kong’s Hang Seng ended 3.56 percent down at 19,137.17 points.
The Chinese Shanghai composite index, shed 1.37 percent and closed the week at 2,481.08 points.
European markets notched up modest gains. Britain’s FTSE 100 closed 0.33 percent up at 5,545.38 points, the French CAC 40 closed 0.83 percent up at 3,149.38 points.
The German DAX moved up 1.52 percent at 6,057.03 points during the week.
Markets at Wall Street closed mixed. The S&P; rose 0.85 percent and closed the week at 1,263.85 points, while the Dow rose 1.42 percent and ended Friday at 12,153.68 points.
The technology-heavy Nasdaq, however, fell 0.28 percent and ended the week at 2,678.75 points.
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