Sensex slumps to 18 months low on uncertain global cues | business | Hindustan Times
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Sensex slumps to 18 months low on uncertain global cues

business Updated: Aug 27, 2011 15:13 IST

Benchmark indices of Indian equities markets slumped to a one-and-a-half year low during the week just ended on heavy selling pressure by foreign institutional investors amid uncertain global cues.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) slumped 1.81% or 292.84 points at 15,848.83 points in the weekly trade.

This is the fifth consecutive weekly drop in the benchmark Sensex.

The markets witnessed volatile trading during the week. The 30-scrip benchmark index gained more than 2% in the first two day of trading this week. However, the Sensex tumbled in the later part of the week.

The 30-scrip index tanked 297.5 points or 1.84% at 15,848.83 points on Friday.

At the National Stock Exchange, the 50-scrip S&P CNX Nifty also slumped nearly two percent during the weekly trade. The Nifty closed 1.9% down at 4,747.8 points on Friday.

Selling pressure was across the market breadth Friday. Of the 30 scrips that constitute the Sensex, only three closed in the positive: Hero MotoCorp, up 2.7% at Rs 1,952.45; M&M, up 1.2% at Rs 704.65 and Infosys, up 0.68% at Rs 2,204.55.

Major Sensex losers were: Jaiprakash Associates, down 7.58% at Rs 54.90; DLF, down 5.76% at Rs 175.85; Tata Steel, down 4.77% at Rs 422.25 and RIL, down 4.61% at Rs 719.50.

Other Asian markets ended the week on a mixed note. The benchmark Japanese Nikkei closed 0.29% higher at 8,797.78 points, while Hong Kong's Hang Seng ended 0.86% down at 19,582.88 points.

The Chinese Shanghai Composite index was down 0.12% at 2,612.19 points.

Most European also ended in the week in the red. The French CAC 40 fell 1.01% at 3,087.64 points. The German DAX declined 0.84% at 5,537.48 points, while the FTSE 100 of UK closed 0.02 percent down at 5,129.92 points.

However, the American markets closed in the positive after US Federal Reserve Chairman Ben Bernanke said the regulators would provide economic stimulus if needed to bring the growth momentum back on track.

The US markets ended almost 1.5% higher, reversing losses of as much as 2% just after Bernanke started his speech at the Fed's annual retreat in Jackson Hole, Wyoming on Friday.

The Dow Jones Industrial Average closed 1.21 percent higher at 11,284.50 points and the S&P 500 index gained 1.51% to close at 1,176.80 points on Friday.