The market ended the truncated week - it remained closed on Thursday for Christmas - on a highly negative note due to weak global sentiment and concerns over declining growth and fears of a marked fall in revenues of high profile Indian companies.
Recording losses on all the four sessions, the Sensex ended with a big loss of 770.99 points or 7.63% at 9328.92 last week (December 22 - 26). The market was closed on Thursday for Christmas. The Nifty ended the week at 2857.25 with a loss of 220.25 points or 7.16%.
Stockometer
The market opened on a subdued note on Monday and declined sharply into the red in mid afternoon trade. Despite managing a rally sometime later, the market faltered once again and slipped far deeper into the negative zone during the closing minutes and finally ended the session on a weak note.
Top gainers | Worst losers
Weak Asian and European markets and lower US index futures kept the mood negative in that session. Realty stocks had a good run in the positive territory on expectations of a surge in demand for new homes following recent rate cuts.
The Sensex, which rose to 10,173.34 in morning trade, ended the day at 9928.35, around 34 points off a low of 9894.01, with a loss of 171.56 points or 1.7%. The Nifty closed at 3039.30 with a loss of 38.20 points or 1.24%. In intra-day trades today, the Nifty touched a high of 3110.45 and a low of 3027.80.
Scrip Scan | Experts' Talk
Weak Asian markets triggered some strong selling on Tuesday. As stocks cutting across sectors took a trip down south, the Sensex ended with a huge loss of 242 points or 2.43% at 9686.75. The Nifty suffered a loss of around 70 points that day.
And it was a negative close for the market again on Wednesday. Despite some short covering ahead of derivatives expiry, the Sensex eased by over 100 points in that session. After a holiday on Thursday, the bears held sway once again when trading resumed on Friday.
This time, besides weak global sentiment, concerns over a sharp drop in revenues of top-notch Indian companies weighed in to a marked extent. According to reports, advance tax payments from Indian firms dropped down significantly this quarter.
Global meltdown and stock market
Selling was so broad-based last week that all the Sensex stocks ended on a negative note. Cairn India (up 4.4%) was the lone gainer in the Nifty pack.
Jaiprakash Associates (down 17.4%) was the biggest loser. Mahindra & Mahindra ended 17.3% down. Satyam Computer Services had another disastrous week and settled with a loss of 16.8%. Tata Motors lost 13.2%.
Reliance Infrastructure, ICICI Bank, Sterlite Industries, Hindalco, Reliance Industries and DLF went down by 10% - 12.5%. BHEL, ONGC, Larsen & Toubro, Wipro, Tata Consultancy Services, ACC, Tata Steel, HDFC Bank, Maruti Suzuki, Infosys Technologies, Reliance Communications, Bharti Airtel and Hindustan Unilever also ended the week on a negative note. HDFC, ITC, Grasim, SBI, NTPC and Tata Power also closed weak.
HCL Technologies was the most prominent loser in the Nifty. The stock slipped by as much as 19.3% to Rs 112.95. Unitech and SAIL went down by 18.4% and 17.6% respectively. Idea Cellular, Reliance Power, ABB, Ambuja Cements, GAIL India, Cipla and Siemens also finished on a highly negative note last week.
Among the sectoral indices, BSE Auto lost 7.72%. The Bankex fell 7.45%. The Consumer Durables and Capital Goods indices eased by 7.3% and 8.28% respectively. BSE IT declined 8.4%. The Oil & Gas and Metal barometers ended lower by 8.29% and 8.9% respectively. BSE FMCG (down 3.67%), HC (down 2.45%), Power (down 6.26%), PSU (down 4.55%), Realty (down 12.85%) and Teck (down 6.69%) also declined sharply last week.
Mirroring the sell-off at side counters, the Midcap and Smallcap indices slipped by 4.82% and 5.22% respectively.
Inflation climbed down and there were expectations of another round of rate cuts and a strong fiscal stimulus from the government. FIIs did pick up some blue chip stocks but then, amid concerns over a deep and prolonged recession, investors were least inclined to build up positions last week.
No comments:
Post a Comment