Sensex lost 466 points in the week past | business | Hindustan Times
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Sensex lost 466 points in the week past

business Updated: Apr 30, 2011 12:55 IST

Profit-booking by operators and investors, on fears of a hike in interest rates by the Reserve Bank Of India, coupled with persistent selling by Foreign Institutional Investors (FII) pulled down the BSE benchmark Sensex by 466 points during the week.

The key index dropped to its lowest level in more than a week, as high inflation stoked macroeconomic problems in the world's second-fastest growing major economy.

Also, caution prevailed as the central bank is seen raising key short-term interest rates at a policy review early next week.

Volatility was high as traders rolled over positions in the futures and options (F&O) segment, following expiry of the near month April 2011 contracts. Realty, capital goods, banking, oil & gas, metal and power sectors were the major losers of the week.

The 30 share Sensex declined by 466.27 points, or 2.38% to end the week at 19,135.96, its lowest closing level since April 19. The S&P CNX Nifty fell by 135.20 points, or 2.30% to finish at 5,749.50 on the NSE.

Index heavyweight Reliance Industries (RIL) slumped by 5.58% on disappointing Q4 2011 results.

However, India's largest oil exploration firm by market capitalisation, Oil and Natural Gas Corporation (ONGC), gained 1.55%. Food inflation inched up marginally to 8.76% for the week ended April 16, on the back of rising prices of fruits, protein-based items and onions.