Weekly market review: Market extends losses for 3rd week, Sensex down 27 points

Feb 16 2013, 17:42 IST
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Shares of realty, capital goods, power, metal and consumer durable declined on heavy selling pressure. (Reuters) Shares of realty, capital goods, power, metal and consumer durable declined on heavy selling pressure. (Reuters)
SummaryShares of realty, capital goods, power, metal and consumer durable declined on heavy selling pressure.

Bharti Airtel (1.51 per cent).

Gainers included Tata Motors, which firmed up by 6.48 per cent followed by Sun Pharma (5.66 per cent), HDFC Bank (3.88 per cent), Coal India (3.10 per cent), ONGC (2.66 per cent), HUL (2.01 per cent), M&M (1.64 per cent), NTPC (1.36 per cent) and TCS gained 1.26 per cent. Among the major indices the BSE-Realty dropped by 5.39 per cent followed by BSE-CG 3.98 per cent, BSE-Power 2.79 per cent, BSE-Metal 1.61 per cent and the BSE-CD fell 1.04 per cent.

The BSE-Small and Mid-cap indices underperformed the Sensex by a wide margin, dropping by a whopping 3.73 per cent and 3.18 per cent, respectively.

The total turnover at BSE and NSE fell to Rs 10,144.22 crore and Rs 53,329.49 crore, respectively from the last weekend level of Rs 11,279.44 crore and 57,529.99 crore.

Forex: The Indian rupee tumbled by another 72 paise to settle the week at one-month low of 54.22 against the Greenback following weakness in the local equities amid sustained dollar demand from importers and some banks, mainly oil refiners.

Heavy foreign fund inflow in equities, however, made a feeble attempt to restrict the rupee fall, a dealer said.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced weak at USD 53.65 from last weekend's close of 53.50.

Later, it moved in a range of 53.55 and 54.24 before concluding the week at one-month low of 54.22, showing a fall of 72 paise or 1.35 per cent. This was the lowest closing since 54.39 on January 17.

Sustained dollar demand from importers on the back of weakness in the local markets mainly affected the rupee value against the dollar, a forex dealer said.

Growth in industrial output contracted by 0.6 per cent in December mainly due to muted activities in manufacturing and mining sectors. Retail inflation remained in double digits at 10.79 per cent in January, driven by higher prices of vegetables, edible oil, cereals and protein-based items.

However, WPI inflation dropped to a three-year low of 6.62 per cent in January but the data failed to spur rate cut hopes.

The Indian benchmark sensex closed with week lower by 26.62 points or 0.14 per cent also put pressure on the rupee.

The 30-issue index has lost 635.38 points, or 3.16 per cent, in the last three weeks.

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