Sensex falls for third straight week on negative cues (Weekly Market Review)
Mumbai, May 12 (IANS) The Left-ward turn in politics in France and Greece and weak domestic economic data weighed heavy on Indian equities markets with a benchmark index closing lower for the third straight week, ended May 11, in spite of a slew of concessions offered by the finance minister in the finance bill for 2012-13.
The continuing depreciation of the rupee and negative global cues like widening US trade deficit were some of the other reasons behind stock market losses, said analysts. Official data showing a 3.5 percent contraction in the Index of Industrial Production (IIP) for March as against 4.1 percent in February added to market woes.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed lower at 16,292.98 points, down 538.10 points or 3.20 percent, from its previous weekly close at 16,831.08 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange also closed in the red Friday, down 0.74 percent to settle at 4,928.90, a level not seen in more than three months.
For the week, broader markets also ended in the red with the BSE midcap closing 2.49 percent lower and smallcap lower by 2.93 percent.
There was heavy selling in banking, consumer goods, metals and auto stocks.
The BSE banking index was down by 475.85 points followed by capital goods index by 488.76 points. The metals index was down by 406.86 points and auto index by 550.57 points.
Banking stocks slumped after the Reserve Bank of India (RBI) announced guidelines for implementation of the Basel III norms.
On the last trading day of the week, sectoral indices such as the BSE auto index was up by 56.82 points while that of banking gained 1.82 points.
The realty index declined by 5.61 points, while that of oil and gas index by 37.15 points and capital goods index by 36.54 points.
Among the major losers were Tata Power which was down by 4.89 percent at Rs.92.45. The Sun Pharma scrip fell 3.87 percent at Rs.569.7 and Hindalco was down 3.32 percent at Rs.113.50.
Other Sensex losers included Coal India, down 2.21 percent at Rs.314.45, Maruti Suzuki, down 2.10 percent at Rs.1234, ITC, down 2.07 percent at Rs.233.8, Cipla, down 2.04 percent at Rs.318.9, ONGC, down 1.89 percent at Rs.254.65.
Only eight of the 30 Sensex scrips ended in the positive terrain.
These were Bajaj Auto, up 3.48 percent at Rs.1,555.20, Tata Motors, up 2.66 percent at Rs.297.4, BHEL, up 0.84 percent at Rs.221.15, DLF up 0.59 percent at Rs.187.20, State Bank of India, up 0.46 percent at Rs.1,852.2, RIL, up 0.38 percent at Rs.697.3, Hero MotoCorp, up 0.02 percent at Rs.1,843.30, ICICI Bank, up 0.02 percent at Rs.812.95.
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