Global cues keep markets edgy, volatility on the rise (Weekly Roundup)January 24th, 2009 - 2:32 pm ICT by IANS
Mumbai, Jan 24 (IANS) Indian equities markets were edgy this week as global economic cues remained negative, resulting in high volatility in this week’s trade. A key index closed about 7 percent down Friday over its close the previous week.The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended Friday at 8,674.35 points, 6.96 percent or 649.24 points less than its previous weekly close and about 1.58 percent below Thursday’s close.
Similarly, the broader S&P CNX Nifty index of the National Stock Exchange (NSE) lost 5.3 percent over its previous weekly close to end the week at 2,678.55 points.
Markets began the week on a lacklustre note with the Sensex shutting shop Monday at 9,381.78 points, 0.06 percent or 5.98 points above its previous close.
The broader S&P CNX Nifty index of the NSE also ended trade higher at 2,837.6 points, a rise of 0.32 percent over its last close at 2,828.45.
Tuesday saw the markets plunge with Sensex plummeting 2.45 percent or 229.02 points from its close Monday at 9,100.55 points.
The broader S&P CNX Nifty index of the NSE also ended in a slump, dropping 1.74 percent from its last close to 2,796.6 points.
US President Barrack Obama’s inaugural speech failed to enthuse global markets and Indian equity markets fell Wednesday, with the Sensex dropping 3.53 percent to end at 8,779.17 points.
The Nifty followed with an almost equal drop of 3.23 percent over its last close to shut shop at 2,706.15 points.
Thursday saw the markets opening firmly with several stocks at seemingly attractive valuations but fell towards closing bell with investors preferring to book profits rather than hold on to their buys.
However, the Sensex still managed to close at 8,813.84 points, up 34.67 points or 0.39 percent over Wednesday’s close.
Similarly, the broader S&P CNX Nifty closed 0.28 percent higher at 2,713.8 points.
The markets pulled down shutters Friday with another bout of dismal trading. The Sensex slipped to end at 8,674.35 points, 1.58 percent or 139.49 points down from the previous close.
The Nifty closed at 2,678.55 points, 1.3 percent lower than Thursday’s close of 2,713.8 points.
Foreign institutional investors (FIIs) made net sales of $572.30 million during the week as compared to net sales of $386.10 million the week earlier.