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Weekly review: Sensex ends in red with third largest fall

business Updated: Aug 04, 2007 12:06 IST

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Stocks: Key indices the Bombay Stock Exchange (BSE) 30-share Sensex and the Nifty ended in red in high volatility in the week under review largely due to Wednesday's stock carnage on global worries.

The markets, however, witnessed positive trend during most part of the week following a spate of encouraging factors including the Reserve Bank of India's (RBI) quarterly review of monetary policy, which was considered very good for the market and robust earnings season.

The RBI kept bank rate and reverse repo rate unchanged while raising the Cash Reserve Ratio (CRR) by 50 basis points. The apex bank also maintained its GDP growth at 8.5 per cent for this fiscal.

Only worrying factor that weighed on markets was fears of pull out by Foreign Institutional Investors (FIIs) amid a world-wide stocks crash triggered by US subprime mortgage and credit market worries.

FIIs were net sellers to the tune of Rs 1,341 crore (USD 575.7 million) in five days between July 27 and August 2. They reported net sales of Rs 142.70 crore (provisional) on Friday.

The BSE barometer plunged by 615.22 points, registering the third biggest fall on August 1.

The Sensex, which fell below 15K level while moving in a wide range of 15,568.85 and 14,896.47, ended the week at 15,138.40 against last weekend's close of 15,234.57, a net loss of 96.17 points or 0.63 per cent.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) dropped by 43.65 points or 0.98 per cent to close the week at 4,401.55 from previous weekend's close of 4,445.20.