Key Indian equities index sheds 5.8 percent during week (Weekly roundup)November 15th, 2008 - 4:05 pm ICT by IANS
Mumbai, Nov 15 (IANS) After posting gains of 12.5 percent and 1.8 percent for two successive weeks, Indian equities once again finished in the red Friday with a key index losing 5.8 percent during the week from its closing figure the previous Friday.The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 9,385.42, shedding 578.87 points or 5.8 percent during the week from its closing Friday previous week at 9,964.29 points.
Similarly, the broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE) finished the week Friday at 2,810.35, down 162.65 points or 5.5 percent from its closing Friday previous week at 2,973.00 points.
The BSE midcap ended Friday this week at 3,216.08, down 139.3 points or 4.15 percent from its close Friday previous week at 3,355.38 points.
The BSE smallcap finished Friday this week at 3,765.05, down 135.05 or 3.46 percent from its close Friday previous week at 3,900.10 points.
The week opened strong with equity values surging to take the Sensex beyond the psychologically important 10,000 mark.
The Sensex closed Monday at 10,536.16, up 571.87 points or 5.74 percent from its close Friday previous week at 9,964.29 points.
The Nifty too closed higher finishing Monday at 3,080.90, up 107.9 points or 3.63 percent from its previous close Friday at 2,973.00 points.
The slide started from Tuesday and continued through the rest of the week. The Sensex finished Tuesday at 9,839.69, down 696.47 points or 6.61 percent from its previous close Monday at 10,536.16 points.
The Nifty too closed at 2,938.65, down 209.6 points or 6.66 percent from its previous close Monday at 3,148.25 points.
Bears continued to prevail Wednesday despite attempts by bulls to push up the Sensex throughout the day but analysts said buying enthusiasm was simply not strong enough and sellers prevailed.
The Sensex ended Wednesday at 9,536.33, down 303.36 points or 3.08 percent from its previous close Tuesday at 9,839.69 points.
The Sensex opened weak at 9,683.75, down 155.94 points or 1.58 percent and within minutes hit a low of 9,559.33 but recovered thrice to hit an intra-day high of 9,928.60 points only to be pulled down each time to finally reach its closing value.
The Nifty also showed a similar trend and finished Wednesday at 2,912.55, down 26.1 points or 0.89 percent from its previous close Tuesday at 2,938.65 points.
Markets were closed on Thursday and they reopened strong on Friday following overnight gains in US markets but soon began to slide and ended in the red once again.
The Sensex finished Friday at 9,385.42, down 150.91 points or 1.58 percent from its previous close Wednesday at 9,536.33 points.
The Sensex opened strong at 9,799.25, up 262.92 points or 2.76 percent from its previous close Wednesday, hit a high of 9,836.11 but then began to slide to hit a low of 9,267.49 before inching up about 115 points to its closing value.
The Nifty also showed a similar trend and closed Friday at 2,810.35, down 38.1 points or 1.34 percent from its previous close Wednesday at 2,848.45 points.
The G20 summit in Washington this weekend will provide cues for the markets Monday, analysts said. With Germany too officially going into a recession, sentiments are extremely weak and there is still great nervousness, they added.