Key equities index sheds 5.01 percent (Weekly Market Roundup)November 22nd, 2008 - 3:44 pm ICT by IANS
Mumbai, Nov 22 (IANS) Indian equities markets shed values for the second consecutive week, with a key index losing 5.01 percent after the 5.8 percent fall the week before to close below the psychologically important 9,000-point mark yet again.The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed Friday at 8,915.21, down 470.21 points or 5.01 percent from its close Friday previous week at 9,385.42 points.
Similarly, the broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE) finished Friday this week at 2,693.45, down 116.9 points or 4.34 percent from its close Friday previous week at 2,810.35 points.
Although the markets may bounce back a little next week as it has shed values for two consecutive weeks and the Sensex is still below the 9,000 mark, there is still great nervousness among investors and chances of a sustained upward rally remain bleak, analysts said.
The BSE midcap ended Friday at 2,916.66, down 299.42 points or 9.31 percent from its close Friday previous week at 3,216.08 points.
The BSE smallcap closed at 3,390.76, down 374.29 points or 9.94 percent from its close Friday previous week at 3,765.05 points.
The markets shed value throughout the week except the last day of trading Friday. The Sensex Monday finished at 9,291.01, down 94.41 points or 1.01 percent from its previous close last Friday at 9,385.42 points.
The Nifty also ended in negative territory Monday to finish at 2,799.55, down 10.8 points or 0.38 percent from its previous close at 2810.35 points.
Tuesday the markets crashed once again with the Sensex losing more than 350 points to end below the psychologically important 9,000 mark.
The markets opened weak and stayed in the red despite some short covering and the Sensex finished Tuesday at 8,937.20, down 353.81 points or 3.81 percent from its previous close at 9,291.01 points.
The Nifty closed at 2,683.15, down 116.4 points or 4.16 percent from its previous close at 2,799.55 points.
Bears prevailed once again Wednesday despite the Sensex staying in positive territory throughout the morning. The Sensex finished the day at 8,773.78, down 163.42 points or 1.83 percent from its previous close Tuesday at 8,937.20 points.
The Nifty too closed at 2,635.00, down 48.15 points or 1.79 percent from its previous close at 2,683.15 points.
The markets ended deep in the red once again Thursday, with a key index dipping by more than 322 points to finish below the 8,500 mark on very dismal global cues.
The Sensex closed at 8,451.01, down 322.77 points or 3.68 percent from its previous close at 8,773.78 points.
The Nifty also finished at 2,553.15, down 81.85 points or 3.11 percent from its previous close Wednesday at 2,635.00 points.
Indian equities, however, ended significantly higher Friday after Prime Minister Manmohan Singh assured the nation that the Indian economy would not only weather the global financial crisis but also grow by eight percent.
The prime minister’s remarks lifted sentiments somewhat and resulted in the Sensex closing the week at 8,915.21 points, up 464.20 points, or 5.49 percent, over the previous day’s close at 8,451.01 points.
The Nifty too ended with gains at 2,693.45, up 140.3 points or 5.5 percent over the previous day’s close at 2,553.15 points.