Saturday, November 20, 2010

Sensex extends losses for second week in a row, down 571 points

MUMBAI: Markets continued to decline for the second consecutive week by slipping by a massive 571 points due to heavy all round selling pressure from operators as well as investors on the back of a fall in Asian markets and renewed fears about high-deficit European nations.



China led the fall in Asia on fears that Chinese authorities would increase interest rates to cool inflation. China lifted its reserve requirement ratio for banks by 0.5 per cent on Friday.



Slow down in capital inflows too left an adverse impact. The key benchmark indices slumped on Tuesday as stocks fell across the world on concerns over Ireland\'s debt and on fears of further monetary tightening in China. Worries that US funds will close positions in emerging market stocks ahead of the year-end to cash in on recent gains, also added to the decline.



The BSE Sensex declined below the psychological 20-K mark to end the week at 19,585.44, showing a massive loss of 571.45 points or 2.84 per cent from its last weekend\'s level. The S&P CNX Nifty also fell below the 6-K mark to finish at 5,890.30, disclosing a net loss of 181.35 points or 2.99 per cent.



The stock market was shut on Wednesday on account of Id-ul-Zuha.



India\'s second largest listed telecom operator by sales Reliance Communications (RCom) was the biggest Sensex loser last week. The stock fell 12.68 per cent to Rs 148.4 after a government panel highlighted irregularities in 2G spectrum allocation.



Among the major indices, the BSE-Realty index dropped by 325.16 points or 9.29 per cent followed by BSE-Capital Goods by 515.74 points or 7.40 per cent, the BSE-OIl&Gas by 504.99 pts or 4.71 per cent, the BSE-Power by 137.07 points or 4.40 per cent and BSE-PSU by 376.20 points or 3.75 per cent.



The BSE-Small and Mid-Cap indices also fell by 680.86 or 6.24 per cent and 354.78 points or 4.21 per cent, respectively.



Index heavyweight Reliance Industries (RIL) fell 6.12 per cent to Rs 996.85. Other major Sensex losers included, Reliance Infra (9.74 pct), DLF(6.03 pct), Jindal steel (5.48 pct), Wipro (5.54 pct), BHEL (5.52 pct), ACC (5.26 pct), Hindalco (4.55 pct), Tata power (4.58 pct), Jaiprakash Asso 6.80 pct), ICICI Bank (4.47 pct) and TCS (3.70 pct).



However, India\'s largest telecom operator by sales Bharti Airtel was the biggest Sensex gainer last week. The stock jumped 7.45 per cent to Rs 328.85 as investors reshuffled portfolio within the telecom sector after a government panel highlighted irregularities in 2G spectrum allocation.



India\'s largest motorcycle maker by sales Hero Honda Motors was the second biggest Sensex gainer by gaining 7.11 per cent. Drug maker Cipla rose 3.62 per cent.



The total turnover of BSE and NSE dropped to Rs 19,924.35 crore and Rs 68,982.64 crore, respectively from its last weekend\'s level of Rs 27,881.03 crore and Rs 87,104.84 crore.
News From: http://www.7StarNews.com

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