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Sensex slumps to 18 months low on uncertain global cues

Saturday August 27, 2011 01:20:37 PM, IANS

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Mumbai: Benchmark indices of Indian equities markets slumped to a one-and-a-half year low during the week just ended on heavy selling pressure by foreign institutional investors amid uncertain global cues.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) slumped 1.81 percent or 292.84 points at 15,848.83 points in the weekly trade.

This is the fifth consecutive weekly drop in the benchmark Sensex.

The markets witnessed volatile trading during the week. The 30-scrip benchmark index gained more than two percent in the first two day of trading this week. However, the Sensex tumbled in the later part of the week.

The 30-scrip index tanked 297.5 points or 1.84 percent at 15,848.83 points Friday.

At the National Stock Exchange, the 50-scrip S&P CNX Nifty also slumped nearly two percent during the weekly trade. The Nifty closed 1.9 percent down at 4,747.8 points Friday.

Selling pressure was across the market breadth Friday. Of the 30 scrips that constitute the Sensex, only three closed in the positive: Hero MotoCorp, up 2.7 percent at Rs.1,952.45; M&M, up 1.2 percent at Rs.704.65 and Infosys, up 0.68 percent at Rs.2,204.55.

Major Sensex losers were: Jaiprakash Associates, down 7.58 percent at Rs.54.90; DLF, down 5.76 percent at Rs.175.85; Tata Steel, down 4.77 percent at Rs.422.25 and RIL, down 4.61 percent at Rs.719.50

Other Asian markets ended the week on a mixed note. The benchmark Japanese Nikkei closed 0.29 percent higher at 8,797.78 points, while Hong Kong's Hang Seng ended 0.86 percent down at 19,582.88 points.

The Chinese Shanghai Composite index was down 0.12 percent at 2,612.19 points.

Most European also ended in the week in the red. The French CAC 40 fell 1.01 percent at 3,087.64 points. The German DAX declined 0.84 percent at 5,537.48 points, while the FTSE 100 of UK closed 0.02 percent down at 5,129.92 points.

However, the American markets closed in the positive after US Federal Reserve Chairman Ben Bernanke said the regulators would provide economic stimulus if needed to bring the growth momentum back on track.

The US markets ended almost 1.5 percent higher, reversing losses of as much as 2 percent just after Bernanke started his speech at the Fed's annual retreat in Jackson Hole, Wyoming Friday.

The Dow Jones Industrial Average closed 1.21 percent higher at 11,284.50 points and the S&P 500 index gained 1.51 percent to close at 1,176.80 points Friday.


 


 


 

 

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