Sensex loses 133 points in volatile week (Weekly Market Review)By IANS
Saturday, October 30, 2010
MUMBAI - Indian equity market’s benchmark indices closed in the red in volatile trading this week on negative Asian cues and disappointing results of some companies.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the week 0.66 percent or 133.52 points down at 20,032.34 points.
The country’s benchmark index started the week on firm footing. However, disappointing results of some companies, especially Wipro, fuelled profit booking IT stocks.
After three straight days of losses (Tuesday to Thursday), Sensex recovered smartly Friday. The index rebounded 91 points on the last trading day of the week.
At the National Stock Exchange (NSE), the 50-share S&P CNX Nifty also rebounded towards the end of the week and closed 0.5 percent higher at 6,017.7 points Friday.
Both the indices fell nearly 2 percent in October.
IT bellwether Wipro last week reported less than expected 10 percent increase in its net profit to Rs.1,285 crore for the second quarter of fiscal 2010-11.
Finance Minister Pranab Mukherjee said early this week uncertainty looms large on the global economy and the recovery was fragile.
The country’s largest private sector lender ICICI Bank led the recovery in the market towards the end of the week. The share price of ICICI Bank surged 6.54 percent to Rs.1,161.65 Friday after it reported nearly 19 percent increase in its second quarter profit.
According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors were net sellers after weeks of constant buying. They sold scrips worth $125.35 million Friday.
Most Asian markets ended the week in the red on concerns over US and Japanese economies.
Hong Kong’s Hang Seng shut shop 0.49 percent lower at 23,096.32 points, while the Japanese Nikkei closed 1.75 percent down at 9,202.45 points.
The Shanghai Composite index too shut shop in the red at 2,978.83 points, down 0.46 percent Friday.