Today : Wednesday - Sep 17, 2014, 05:05pm (GMT+5.5)
All News  
Top News
National News
International News
Business News
Sports News
   » Cricket
   » Football
Entertainment News
Sci - Tech
Politics News
Health & Fitness
Gulf News
::| Latest News
News in Pictures

Reliance Communications has made full repayment of two loans amounting to $1 billion (around Rs 6,000 crore), during the quarter ended June 30.The repayments have been from the company's rupee resources.

Business News

Sensex logs second consecutive weekly loss

Saturday - Mar 03, 2012, 02:25pm (GMT+5.5)
[+] Text [-]

Mumbai -  Indian equities markets fell for the second consecutive week, with traders continuing to book profits across the market breadth in the run up to the budget, outcome   of the assembly polls and whether the Reserve Bank will cut rates in the forthcoming policy review.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the week at 17,636.80 points, down 1.6 percent or 286.58 points from its previous week's close at 17,923.57  points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also shed 1.28 percent or 69.95 points during the week to close at 5,359.35 points Friday.

The bourses Saturday conducted a special trading session for over an hour to test disaster management systems. The benchmarks were little changed at close of trade.

Since the beginning of the year, Indian markets have been riding a firm bull rally. However, in the last two weeks traders have started booking profits.

"The month of February has been an exciting one with the Indian markets largely sustaining the momentum gathered in January. However, the rally was snapped by rising oil prices, a  lower-than-expected third quarter GDP number and likely risk aversion at higher market levels," said D. Kannan, Managing Director, Kotak Securities.

"The state election results have to be favourable from the government's perspective or else the optimism on reforms could wane. Moreover, the crude prices have to be watched closely as  sustained high prices may lead to a deferment in rate cuts," added Kannan.

Foreign fund flows have been the main catalyst of the rally in the first two months.

According to data from the Securities and Exchange Board of India, foreign institutional investors (FIIs) have put in more than $7.3 billion since the start of the year, having bought equities  worth $2.03 billion in January and over $5 billion in February.

The two trading days so far this month (March) have seen $189.05 million coming in from FIIs.

During the week under review, there was some disappointing news on the economic front as official data showed that economic growth slumped to a near three-year low of 6.1 percent in the  quarter ended December largely due to poor performance of manufacturing and mining sectors.

Weekly gainers on the Sensex included: Sterlite, up 6.1 percent at Rs.123.40; Sun Pharma, up 4.2 percent at Rs.569; Tata Power, up 3.1 percent at Rs.115.45 and Maruti Suzuki, up 3 percent at  Rs.1,318.05.

Among losers on the 30-scrip index were: DLF, down 14.6 percent at Rs.203.20; M&M, down 8.1 percent at Rs.676.55; L&T, down 7.7 percent at Rs.1,297.35 and Hero MotoCorp, down 7.5  percent at Rs.1,943.

Other major Asian markets managed to put on some gains during the week.

The Japanese Nikkei rose 1.34 percent during the week to close at 9,777.03 points, while Hong Kong's Hang Seng moved up 0.73 percent and ended at 21,562.26 points Friday.

The Chinese Shanghai Composite index closed in the green, rising 0.86 percent to end the week at 2,460.69 points.

European markets closed mixed.

Britain's FTSE 100 fell 0.4 percent to close at 5,911.13 points, while the German DAX closed 0.83 percent up at 6,921.37 points.

The French CAC 40 gained 0.98 percent at 3,501.17 points.

In the United States, the Dow Jones Industrial Average index ended flat at 12,977.57 points and the S&P 500 index closed 0.28 percent higher at 1,369.63 points Friday. The technology-heavy Nasdaq index went up 0.42 percent to close the week at 2,976.19 points.


Rating (Votes: )   

blog comments powered by Disqus

Related Articles:
» Kudankulam N-plant to reconnect to the grid Oct 26
» Rupee unchanged at 61.46
» Kerala Tourism takes Twitter route for campaign
» Onion prices to come down in next 10 days: Thomas
» Ratan Tata meets Sharma post FIPB nod for airline venture
» Mamata government selling onions at Rs.36 per kg
» Gold prices gaining by Rs 480 to Rs 32,410 per ten gram
» Mukesh Ambani remains richest Indian with assets of $18.9 billion
» Top 100 rich Indians' net worth rises to $250 billion
» Bharti Airtel board approves subsidiary merger
» Emirates expects to fly 70 mn passengers in 2020
» Japan's Olympus scales down India business projection
» Tewari pulls up Ludhiana officials over MGNREGA funds
» India-France trade can aid inclusive growth: Jaipal Reddy
» China to set up power equipment service centres in India
» Reduced arrival of onions behind price hike: Dikshit
» Shanta Kumar slams delay in export ban on onions
» Sri Lanka records strong tourist, remittance earnings
» Cochin airport investors set to reap profits
» Etihad Airways to double Colombo flights
» Jet Airways standalone losses jump eight-fold to Rs. 891 crore
» RBI receives $10.1 billion under forex swap window
» SBI to get Rs 2000 cr as part of Rs 14K cr banks fund infusion
» Mobile economy to add $400 billion to India GDP: GSMA
» Volvo launches next generation S60 and XC60

Other Articles:
Moody's downgrades Greece to lowest rating (3rd Mar, 2012)
Canada's economy grows 2.5 percent in 2011 (3rd Mar, 2012)
Spain faces recession, growing unemployment in 2012 (3rd Mar, 2012)
US in talks with India on bilateral investment treaty (3rd Mar, 2012)
Etihad launches flights to Shanghai (3rd Mar, 2012)
Etihad launches flights to Shanghai (3rd Mar, 2012)
Indonesia expects 1 mn Chinese tourists (3rd Mar, 2012)
Indonesia expects 1 mn Chinese tourists (3rd Mar, 2012)
US stocks open mixed amid high oil prices (3rd Mar, 2012)
SpiceJet promoter to infuse Rs.100 crore (3rd Mar, 2012)
EU forces Britain to take in 12,000 Indian workers (3rd Mar, 2012)
Now internet users can watch who is spying on them (3rd Mar, 2012)
British petrol prices hit record high (3rd Mar, 2012)
Bids worth Rs.12,766.75 crore received for ONGC shares (3rd Mar, 2012)
Sensex edges up but ends lower for second consecutive week (2nd Mar, 2012)
SSTL files review petition in Supreme Court (2nd Mar, 2012)
Tripura to put all ranks of officials under Lokayukta (2nd Mar, 2012)
Bajaj Auto's February sales up five percent (2nd Mar, 2012)
Sensex closes 64 points up (2nd Mar, 2012)
Nissan to introduce cheap brands in India (2nd Mar, 2012)
Amway India grew 19 percent in 2011 (2nd Mar, 2012)
Ratan Tata meets Munda, discusses development (2nd Mar, 2012)
Supreme Court dismisses petition in Vodafone case (2nd Mar, 2012)
India welcomes Pakistan’s effort to ease trade between two countries (2nd Mar, 2012)
Agartala airport to be air hub (2nd Mar, 2012)

Contact Us | Advertise with Us | Privacy Policy | Disclaimer | Terms of Use