Sensex extends losses for the 2nd week in a row, down 571 pts | business | Hindustan Times
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Sensex extends losses for the 2nd week in a row, down 571 pts

business Updated: Nov 20, 2010 17:09 IST

Markets continued to decline for the second consecutive week by slipping by a massive 571 points due to heavy all round selling pressure from operators as well as investors on the back of a fall in Asian markets and renewed fears about high-deficit European nations.

China led the fall in Asia on fears that Chinese authorities would increase interest rates to cool inflation. China lifted its reserve requirement ratio for banks by 0.5% on Friday.

Slow down in capital inflows too left an adverse impact.

The key benchmark indices slumped on Tuesday as stocks fell across the world on concerns over Ireland's debt and on fears of further monetary tightening in China. Worries that US funds will close positions in emerging market stocks ahead of the year-end to cash in on recent gains, also added to the decline.

The BSE Sensex declined below the psychological 20-K mark to end the week at 19,585.44, showing a massive loss of 571.45 points or 2.84% from its last weekend's level. The S&P CNX Nifty also fell below the 6-K mark to finish at 5,890.30, disclosing a net loss of 181.35 points or 2.99%.

The stock market was shut on Wednesday on account of Id-ul-Zuha.

India's second largest listed telecom operator by sales Reliance Communications (RCom) was the biggest Sensex loser last week. The stock fell 12.68% to Rs 148.4 after a government panel highlighted irregularities in 2G spectrum allocation.