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Dalal Street continues downslide

business Updated: Jan 17, 2009 15:40 IST

PTI
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Dalal street continued its downslide for the second straight week with the benchmark Sensex dropping by another 83 points during the week under review.

Realty and banking segments suffered a sharp setback on heavy sell-off, while refinery and IT counters attracted good buying support, mainly cushioning the Sensex fall.

The market remained choppy during the week on alternate bouts of buying and selling in line with the global news.

Deepening banking crisis in the US weighed on the emerging markets, while another bailout package by the American government to salvage the ongoing financial crisis helped the market recover some lost ground.

IT bellwether Infosys Tech announced positive results for the third quarter but others like TCS and Bajaj Auto failed to satisfy the market participants.

The week ended on January 17, the Bombay Stock Exchange 30-share barometer gyrated in a range of 9,412.97 and 8,946.62, before concluding the week at 9,323.59, a fall of 82.88 points or 0.88 per cent over the last weekend.

The broad-based 50-issue Nifty of the National Stock Exchange also dropped 44.55 points, or 1.55 per cent, to end the week at 2,828.45 from preceding weekend's close of 2,873.

According to brokers, low inflation numbers, which fell for the 10th successive week to 5.24 per cent for the week ended January 3, supported the market to some extent on expectations of further key rate cuts by the apex bank.

Global markets got a respite following a rescue of the largest US bank by assets, Bank of America, when the government announced a bailout plan, ultimately helping the other markets to recover from its early losses.