Sensex snaps four-week winning streak, down by 138 pts
Sensex dropped by over 138 points in the high volatility during the week under review, led by sharp fall in IT counters.business Updated: May 12, 2007 12:06 IST
Stocks: Snapping four-week winning streak, the benchmark Sensex dropped by over 138 points in the high volatility during the week under review, led by sharp fall in IT counters.
IT segment was at the receiving end due to the rising rupee which affects their revenue and profits.
After gyrating in a range of 14,067.07 and 13,554.34, the Bombay Stock Exchange (BSE) 30-share sensitive index, Sensex, concluded the week at 13,796.16, a fall of 138.11 points or 0.99 per cent over last weekend's close of 13,934.27.
The Sensex had garnered 1,078.19 points or 8.39 per cent in last four weeks.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) also dipped by 40.70 points or 0.99 per cent to end the week at 4,076.65 from previous weekend's close of 4,117.35.
Besides metal and bank sector, which showed gains, most of the other segments registered sharp to moderate losses on profit-selling.
On Friday, the market recovered its initial losses on the back of Uttar Pradesh election results, lower inflation and strong industrial production figures.
Inflation fell for the second week in a row to 5.66 per cent during the week which ended on April 28. Rise in country's industrial growth to 12.9 per cent in March 2007 due to strong manufacturing output, partly aided the recovery on the last day of the week.
Foreign Institutional Investors (FIIs) and domestic funds were net buyers on May 19.