Market hit by rising crude price, inflation(Weekly Market Review)May 10th, 2008 - 2:17 pm ICT by admin
Mumbai, May 10 (IANS) The Indian equities market plunged by more than 800 points this week due to rising crude oil prices and inflation, dampening the sentiments of investors. All the five trading session of the week ended in negative. The Bombay Stock Exchange (BSE) sensitive index (Sensex) plunged 863.05 points or 4.9 percent to 16,737.07 in the week. S&P Nifty fell 245.6 points or 4.69 percent to 2.60 in the week.
The BSE Mid-Cap index declined 244.81 points or 3.38 percent to 6,992.66 in the week. The BSE Small-Cap index slumped 316.07 points or 3.58 percent to 8,472.67.
According to data available with market regulator Securities and Exchange Board of India (SEBI), the Indian equities market attracted foreign institutional investment (FII) of $617.60 million over the week.
On May 5, the 30-share BSE Sensex fell 109.22 points or 0.62 percent at 17,490.90. Consumer durables and IT stocks dropped.
The BSE Sensex fell 117.89 points or 0.67 percent at 17,373.01 May 6. The key benchmark indices ended lower as investors resorted to profit booking due to lack of positive triggers in the market.
The BSE Sensex fell 33.70 points or 0.19 percent at 17,339.31 May 7. IT as well as oil and gas stocks gained whereas capital goods stocks and the shares of public sector units (PSUs) suffered the most.
On May 8, the BSE Sensex fell 258.66 points or 1.49 percent at 17,080.65. The market ended the day tracking weak global markets.
On May 9, the BSE Sensex lost 343.58 points or 2.01 percent at 16,737.07. The market reacted negatively to the inflation, which surged to a high of more than three years. Global markets also declined.
India’s largest telecom services provider Bharti Airtel declined 6.28 percent to Rs.842.20 in the week.
Larsen & Toubro, India’s largest engineering and construction company in terms of revenue, fell 9.73 percent to Rs.2,835.55.
Infosys went down 2.18 percent to Rs.1,750.50, Tata Consultancy Services (TCS) slid by 2.48 percent to Rs.917.45.
ICICI Bank went down by 6.57 percent to Rs.874.05, Reliance Industries fell by 5.5 percent to Rs.1,527.65.