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Weekly review: Sensex, Nifty down 5% on global gloom

The benchmark Sensex and Nifty, plunged by five per cent during the week on global mayhem created by the unfolding US subprime mortgage crisis.

business Updated: Aug 18, 2007 12:18 IST

Stock markets registered the fourth straight weekly loss as the key indices, benchmark Sensex and Nifty, plunged by five per cent during the week on global mayhem created by the unfolding US subprime mortgage crisis.

In high volatility, the Bombay Stock Exchange's (BSE) barometer crashed 726.73 points or 4.89 per cent to close the week at 10-week low of 14,141.52 from previous weekend's close of 14,868.25.

The Sensex tanked by a total 1,424.03 points or 9.15 per cent in the last four weeks.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) tumbled by 225.30 points or 5.20 per cent to end the week at 4,108.05 from last weekend's close of 4,333.35.

A slew of factors like unwinding of yen carry trades, hedge fund redemption pressure, heavy FII pull out and fear of global credit squeeze caused by subprime concerns cast a shadow on the local bourses.

Foreign Institutional Investors (FIIs) alone pulled out a massive Rs 7,033 crore, including provisional numbers of August 17, during the week.

The markets, however, showed some resilience at the weekend, when the Sensex bounced back from the intra-day low of 13,779.88 largely on signs of recovery in European stocks.

Domestic financial institutions played saviours by pumping Rs 414 crore in the market. As per provisional figures, they injected Rs 1,944.48 crore on August 17.

Twenty-nine of the thirty shares on the Sensex recorded sharp losses.