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Markets shed 136 points in week; fag-end buying caps losses

The Bombay Stock Exchange benchmark index Sensex that had tanked by over 300 points on Wednesday on account of jitters sent by Greece's sovereign debt crisis, recovered on fag-end buying support, ending the week with a moderate loss of 136 points.

business Updated: May 01, 2010 15:07 IST
PTI
Hindustantimes

The Bombay Stock Exchange benchmark index Sensex that had tanked by over 300 points on Wednesday on account of jitters sent by Greece's sovereign debt crisis, recovered on fag-end buying support, ending the week with a moderate loss of 136 points.

The BSE benchmark Sensex resumed steady at 17,692.26 and hovered in a range of 17,826.48 and 17,344.58 before ending the week at 17,558.71, registering a net fall of 135.49 points or 0.77 per cent.

The NSE 50-share Nifty also dropped by 26.10 points, or 0.49 per cent, to 5,278.00 from last weekend's level.

Global rating agency Standard and Poor's, on Tuesday, slashed ratings of Greece's bonds to junk status, in addition to downgrading Portugal by two notches, which weighed on global markets during the week.

However, some segments attracted good buying support after Finance Minister Pranab Mukharjee announced concessions that will reduce the incidence of service tax on housing and air travel, incentivise construction of big hospitals, keep cancer and anti-AIDs drugs cheap and provide relief to debt-ridden coffee growers on Thursday when the Financial Bill was passed in the Lok Sabha.

A steep fall of over 100 basis points in food inflation to 16.61 per cent for the week ended April 17 from 17.65 per cent in the preceding weekend too helped in market recovery.

The markets moved in a wide range on alternate bouts of buying and selling in view of the expiry of April series and traders were said to be rolling over their positions, either short or long, to the next series.

According to some market participants, faster economic growth in Asia and a smart rise in the net profit of major blue-chip companies in the fourth quarter could continue to attract investors into the equities.

Most of the auto stocks advanced ahead of the release of April 2010 monthly sales data next week.

The Indian Meteorological Department's forecast of a normal monsoon rainfall in June-September also boosted the market sentiment to some extent.

Among the major indices, the BSE-Realty dropped by 107.67 points, or 2.99 per cent, to 3,491.18 and the BSE Oil&Gas fell by 171.28 points, or 1.70 per cent.

However, the BSE-PSU rose by 82.48 points, or 0.91 per cent, and the Bankex gained 81.20 points or 0.73 per cent.

Among major losers in the Sensex pack were Reliance Industries which fell by 5.04 per cent , Sun Pharma by 6.99 per cent, Jaiprakash Ind by 6.20 per cent, DLF by 6.07 per cent, Maruti by 6.02 per cent, Tata Steel by 4.57 per cent and TCS 1.77 per cent.

However, Sterlite Ind shot up by 4.18 per cent, Tata Motor by 3.34 per cent, HDFC by 3.75 per cent, ONGC by 3.71 per cent, HDFC Bank 2.43 per cent and SBI was up 1.88 per cent.

The turnover at the BSE and the NSE fell to Rs 22,271.07 crore and Rs 67,522.70 crore, respectively, from the previous weekend's level of Rs 22,976.31 crore and Rs 69,015.46 crore.