Market review: Sensex fails to maintain mid-week gains, loses 75 points

Dec 22 2012, 15:22 IST
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Sensex failed to hold on to mid-week gains and ended the week lower by 75 points at 19,242.00. (Reuters) Sensex failed to hold on to mid-week gains and ended the week lower by 75 points at 19,242.00. (Reuters)
SummarySensex failed to hold on to mid-week gains and ended the week lower by 75 points at 19,242.00.

per cent) and M&M (1.30 per cent).

However, Tata Steel rose by 8.13 per cent, Hindalco 7.62 per cent, Jindal Steel 5.52 per cent, Cipla 3.67 per cent, Sterlite Ind 3.31 per cent, Tata Motors 2.57 per cent, Maruti Suzuki 1.99 per cent, Sun Pharma 1.85 per cent, HUL 1.63 per cent and Hero MotoCorp gained 1.52 per cent.

Among the sectoral indices, the BSE-Capital Goods dropped by 2.15 per cent, BSE-CD 1.80 per cent, BSE-Oil&gas 1.23 per cent, BSE-Realty 0.90 per cent and Bankex lost 0.80 per cent.

However, the BSE-Metal rose by 4.44 per cent, BSE-HC (health care) by 0.97 per cent and BSE-Auto was up 0.81 per cent.

The total turnover at BSE and NSE was Rs 12,784.27 crore and Rs 63,160.24 crore, respectively as against the last week's level of Rs 10,387.37 crore and 64,486.65 crore.

Forex: The Indian rupee continued its downslide for the third week in a row as it tumbled by 58 paise to close at a three-week low of 55.06 against the Greenback following sluggish local equities amid sustained dollar demand from importers.

However, sustained capital inflows made a feeble attempt to restrict the rupee fall.

At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed the week better at 54.41 a dollar from last weekend's close of 54.48 and immediately touched a high of 54.40.

Later, it continued to decline and logged a low of 55.30 before concluding the week at 55.06, showing a fall of 58 paise or 1.06 pc. In three weeks of losing string, it has plunged by 80 paise or 1.47 pc.

The Indian benchmark sensex closed the week down by 75.25 points or 0.39 pct while Foreign Institutional Investors (FIIs) pumped in USD 817.29 mln in the first four days of the week.

Experts said government lowering the growth projection for the current financial year to 5.7-5.9 per cent from 7.6 per cent estimated earlier dampened the rupee sentiment.

On Tuesday, the RBI kept short-term lending (repo) rates and cash reserve ratio (CRR) unchanged in the mid-quarter policy review, hinting easing of rates in the next meeting scheduled on January 29, 2013.

The rupee attempted a recovery at mid-week on hopes of more capital coming into the banking system after Parliament passed the crucial Banking Bill.

"Persistent demand from importers, mainly oil refiners, to meet their month-end needs and also year-end dollar buying weighed on the rupee and will further put pressure on the

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