Market review: Sensex extends losses, down 151 pts to end 2-mth low

Comments 0
Shares of Metal, FMCG, Banking, Consumer Durable and Auto sectors declined sharply. (Reuters) Shares of Metal, FMCG, Banking, Consumer Durable and Auto sectors declined sharply. (Reuters)
SummaryShares of Metal, FMCG, Banking, Consumer Durable and Auto sectors declined sharply.

Stocks: The BSE benchmark Sensex extended losses for the 4th straight week by slipping another 151 points to end the week at two-month low of 19,317.01 on persistent selling pressure from operators ahead of the Union Budget next week amidst uncertainty about US monetary policy.

Shares of Metal, FMCG, Banking, Consumer Durable and Auto sectors declined sharply on profit-booking while Realty, IT, Healthcare and Refinery counters attracted good buying support at lower levels.

Brokers said wary operators and retail investors turned cautious ahead of the Budget this month-end as also expiry of Futures and Options (F&O) contracts on the same day, and preferred to reduce their positions to pick up fundamentally strong scrips.

The BSE 30-share Sensex resumed up at 19,496.25 and firmed up further to a high of 19,742.42. But, weak global cues on Thursday triggered heavy sell-off on local bourses on concerns over the US Federal Reserve's policy-tightening moves

to reduce liquidity.

The minutes of the last Fed meeting have raised concerns that, the Fed may withdraw the monetary stimulus if there is some improvement in the economic data. This has raised concerns about fund flows across asset classes, including emerging markets.

It then moved downwards to settle at two-month low of 19,317.01, showing a loss of 151.14 points or 0.78 pct. It has lost 786.52 points or 3.91 pct in straight four weeks.

The NSE-50 share Nifty also declined by 37.10 points or 0.63 pct to 5,850.30. IT has also lost 224.35 points or 3.69 per cent in the last four weeks.

Moody's warning on India's widening trade deficit and tepid activity in global markets also had a sentimental impact on the market.

Fall in Sensex-based counters like Jindal Steel, Coal India, Tata Motors, Tata Steel, ITC, ICICI Bank, Hindalco, Maruti Suzuki, HDFC Bank, Bharti Airtel, Sterlite Ind, SBI, HDFC and HUL mainly weighed on the market sentiment.

However, smart rise in RIL, Infosys, Wipro, TCS and Sun Pharma restricted the fall to some extent.

Metal counters were the worst sufferer on concerns over the Chinese property market as China is the world's largest consumer of copper and aluminium.

FMCG giant and among

Single Page Format
Ads by Google
Reader´s Comments
| Post a Comment
Please Wait while comments are loading...