Equity markets post losses for second week in row (Weekly Market Review)

August 23rd, 2008 - 2:34 pm ICT by IANS  

Mumbai, Aug 23 (IANS) The Indian equities market registered losses for the second straight week on the back of weak global sentiment and increase in crude oil prices. Rate sensitive sectors like banking, real estate were under selling pressure throughout the week.

The 30-share benchmark Bombay Stock Exchange Sensitive Index (Sensex) fell 322.69 points or 2.19 percent to 14,401.40 during the week. The National Stock Exchange benchmark S&P Nifty declined 103.25 points or 2.33 percent to 4,327.45 during the week.

The BSE Mid cap index fell 96.57 points or 1.66 percent to 5,726.85 during the week. The BSE Small cap index slipped 184.59 points or 2.60 percent to 6,925.85 during the week.

Inflation touched 12.63 percent point-to-point basis in the week ending August 2008, above the previous week’s 12.44 percent, government data released on Aug 21 showed.

“The F&O August series expiry next week and inflation will weigh on market sentiments. Performance is likely to be sideways with downward bias,” said research head of Khandwal Securties, Ashok Jainani.

On the first trading day of the week, the Sensex lost 78.52 points or 0.53 percent to 14,645.66. The S&P Nifty lost 37.65 points or 0.85 percent to 4,393.05.

On Tuesday, the Sensex lost 101.93 points or 0.7 percent to 14,543.73. The S&P Nifty was down 24.80 points or 0.56 percent to 4,393.05.

The market posted gains Wednesday, snapping its five day losing streak. The BSE Sensex rose 134.50 points or 0.7 percent to 14,543.73. The S&P Nifty rose 47.50 points or 1.09 percent to 4,415.75.

Ahead of the weekly inflation data, the Sensex Thursday lost 434.50 points or 2.96 percent and fell to 14,243.73. The S&P Nifty went down by 131.90 points or 2.99 percent to 4,283.85.

The Sensex Friday again recovered some ground by gaining 157.76 points or 1.11 percent to move up to 14,401.49. The S&P Nifty gained 43,60 points or 1.02 percent at 4327.45.

World’s sixth largest steel maker Tata Steel fell 3.53 to Rs.594.45 in the week.

Reliance Industries fell 1.30 percent to Rs.2,245.65. The Bombay High Court on Thursday, Aug 21, suggested that the warring Ambani brothers go back to their mother Kokilaben and have the dispute settled.

India’s largest commercial bank State Bank of India fell 7.86 percent to Rs.1,346.25.

India’s largest private sector bank by net profit ICICI Bank fell 4.27 percent to Rs. 644.50.

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