Sensex slumps 366 points; first weekly fall in 2012 | business | Hindustan Times
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Sensex slumps 366 points; first weekly fall in 2012

business Updated: Feb 25, 2012 15:53 IST
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Sensex registered its first weekly fall in this calender year due to profit booking on concern that rise in crude oil prices might put pressure on inflationary pressure and affect overall economic growth.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), ended the week at 17,923.57 points, down two percent or 365.78 points from its previous week's close at 18,289.35 points.

This is the first weekly loss in the benchmark Sensex in the past eight weeks.

The Sensex fell 154.93 points or 0.86% to close at 17,923.57 points Friday, the last trading day of the week.

At the National Stock Exchange, the 50-scrip S&P CNX Nifty also registered a loss of almost two percent this week after seven weeks of handsome rally.

The Nifty closed 54 points or 0.98% down at 5,429.3 points on Friday.

Both Sensex and Nifty registered losses in the last two trading sessions of the week.

Overseas funds, which have been the main catalyst for the dramatic rise in Indian equities in 2012, continued to buy.

According to data available with the Securities and Exchange Board of India (Sebi), foreign institutional investors (FIIs) bought equities worth $76.53 million Friday.

FIIs have put in $5.55 billion since the start of the year, having bought equities worth $2.03 billion in January and $3.51 billion till Feb 23.

Prominent gainers on the 30-scrip Sensex Friday were: Sterlite Industries, up 3.17% at Rs 118.65; Coal India, up 1.43% at Rs 327.25; Bharti Airtel, up 1.17% at Rs 342.30; and TCS, up 0.79% at Rs 1,269.15.

Major losers included L&T, down 3.6% at Rs.1,349.90; HDFC, down 3.45% at Rs 676.20; DLF, down 3.18% at Rs 226.90; and RIL, down 2.12% at Rs 820.35.

Asian markets saw moderate gains amid worries on rising oil prices. However, there was some positive news as jobless claims fell to their lowest levels in nearly four years in the US and a business confidence indicator in Germany moved up to a seven-month high.

The Japanese Nikkei closed 0.58% to end at 9,647.38 points, while Hong Kong's Hang Seng ended on a dull note at 21,406.86 points.

The Chinese Shanghai Composite index closed 1.25% higher at 2,439.36 points on Friday.

Among the European markets, Britain's FTSE 100 closed 0.05% down at 5,935.13 points.

However, German DAX advanced 0.81% to 6,864.43 points and the French CAC 40 index settled 0.57% higher at 3,467.03 points.

In the United States, the Dow Jones Industrial Average closed 0.01% down at 12,982.95 points and the S&P 500 closed 0.17% down at 1,365.74 points on Friday.