Indian equities end lower on weak global cues (Weekly Market Review)December 6th, 2008 - 1:33 pm ICT by IANS
New Delhi, Dec 6 (IANS) A key Indian share market index ended with a loss of 127 points during the trading week ended Friday but analysts expect the mood to turn positive following a fiscal stimulus from the government and rate cuts by the central bank.The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which had ended the previous week at 9,092.72 points, fell lower to 8,965.20 points, as markets closed for the week after five days of trading.
At this level, the 30-share bellwether was down 127.52 points, or 1.40 percent over the previous close. The index is also down 56 in the current calendar year, mainly on account of $13.5 billion worth of net sales by foreign funds.
“As expected, the markets are still searching for direction and are unable to hold on to gains as there is selling pressure whenever share prices go up a little,” said Jagannadham Thunuguntla, head of the capital market arm of SMC Group, a leading brokerage.
“The markets have been looking forward to rate cuts and other stimulus package measures and should respond accordingly Monday,” Thunuguntla told IANS.