Sensex stems losses

Monday, August 24, 2009
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Mumbai: A two-day rally by a key index of the Indian equities markets stemmed losses this week, but the index still ended 1.11 percent lower Friday than its previous weekly close. A slump in Chinese stocks had a negative fallout on bourses across the world, with analysts fearing sharp consolidation would end a stock market resurgence. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) fell 170.8 points or 1.11 percent over previous Friday's close and ended trade at 15,012.32 points. The broader S&P CNX Nifty of the National Stock Exchange (NSE) followed the Sensex, moving down 1.69 percent from its last weekly close to end at 4,528.8 points. Mid-sized companies in terms of market capitalisation did better with the BSE's midcap index closing 0.79 percent higher. The index for smaller companies also gained, with the BSE smallcap index going up 0.79 percent. Data with markets watchdog Securities and Exchange Board of India (SEBI) showed that foreign funds were net sellers during the week, having sold scrips worth $226.5 million. Indian equities started the week on a dismal note, with a fall in Chinese stocks pulling down benchmark indices. The Sensex lost 626.71 points or 4.07 percent to end at 14,784.92 points Monday, while the Nifty lost 4.2 percent and shut shop at 4,387.9 points. Tuesday saw the Sensex recovering some of its previous session's losses, and ended at 15,035.26 points, up 250.34 points or 1.69 percent. The Nifty too closed in the green, gaining 1.62 percent from its previous closing figure to end at 4,458.9 points. Weakened global cues added to the selling sentiment Wednesday, with the Sensex ending 225.62 points or 1.5 percent down at 14,809.64 points. The Nifty followed, losing 1.45 percent to end at 4,394.1 points. Markets recovered Thursday, with the bulls staging a comeback and pushing the Sensex up 202.68 points or 1.37 percent higher at 15,012.32 points. A last-hour rally by the markets propelled the benchmark indices up over a percent Friday. The Sensex ended at 15,240.83 points, up 228.51 points or 1.52 percent. The Nifty too closed in the positive terrain at 4,528.8 points, up 1.69 percent. Among top gainers were BHEL (up 3.3 percent), HDFC (up 2.9 percent), HDFC Bank (up 2.9 percent), ONGC (up 2.3 percent), and Tata Power (up 1.4 percent). Top losers included Tata Motors (down 8.6 percent), ACC (down 8.5 percent), Jaiprakash Associates (down 6.3 percent), Reliance Communications (down 6.1 percent), and Tata Steel (down 5.4 percent).
Source: IANS
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