Sensex slides 868 points during the week

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Mumbai, Dec 22: Breaking the three week positive rally, the Bombay Stock Exchange (BSE) sensitive index snapped 868 points to come down to end below psychological level of 20K during the week ended December 20 on heavy profit booking in index pivotals and weak global cues.

Frontline stocks along with mid-cap and small-cap shed there gains amid persisting high volatility throughout the week. The market posted gains in 2 out of 4 trading sessions in the week. Global markets were subdued during the week, traders said. Heavy selling by foreign institutional investors and domestic mutual funds knocked down several blue chip stocks, resulting a down pressure in the Indian bourses during the week, traders opined.

The benchmark Sensex lost 868.26 points, or 4.33pc, to 19,162.57 and the braoder based index Nifty at National Stock Exchange slipped 281.20 points, or 4.64pc, to 5,766.50 in the week.

During the period, Sensex marked the second biggest dip of about 770 points, while Nifty posted its biggest single session loss as it plunged by 271 points.

Trading for the week started on weak note with the market undergoing major correction on Monday, when the 30-share BSE Sensex plunged 769.48 points, or 3.84pc, to 19,261.35 tracking weak global markets.

Sensex slipped 181.71 points to 19,079.64 on Tuesday in volatile trading session.

However, on Wednesday, Sensex marginally rose 12.32 points to 19,091.96, amid mixed trend in index pivotals. The gain was follwed on the last trading day of the week, when Sensex gained 70.61 points to 19,162.57 on Thursday, as profit booking erased some of early gains, in volatile trade.

The market remains closed on Friday, 21 December 2007 on account of Bakri Id.

Index majors Reliance Industries, State Bank of India and Reliance Communications were among the major losers in the week. Reliance Industries declined 4.17pc to Rs 2714.70 in the week. State Bank of India declined 5.39pc to Rs 2265.20. India's biggest power generation firm NTPC slipped came down 6.77pc to Rs 229.40 in the week. The company is reportedly in active talks with more than one foreign power generation company for acquiring assets in excess of USD 1 billion or Rs 3,960 crore.

Tata Motors edged lower by 6.44pc to Rs 710.90 in the week. The company considered a front-runner to buy Ford Motor Co's luxury Jaguar and Land Rover brands, will unveil the world's cheapest car at an auto show in India next month. Tata Motors will showcase its USD 2,500 car at the Auto Expo in New Delhi on 10 January 2008, with a commercial launch planned for later in 2008.

Reliance Communications slid 7.30pc to Rs 706.50 in the week.

It completed the acquisition of US-based Yipes Holdings that would give the company access to a Rs 4,00,000 crore global enterprise data market. However, Reliance Energy (REL) rose 1.48pc to Rs 1939.85 75. The company is reportedly planning to foray into Africa. It is believed to be in talks with the governments of Botswana, Tanzania and Zambia for setting up generation capacities of over 1,000 MW.

Thomas Cook (India) surged 58.75pc to Rs 120.65 in the week.

The stock surged on reports that it is going for a private placement of over Rs 100 crore. However, the report was denied by the company after market hours on 19 December 2007.

IFCI tumbled 31.72pc to Rs 76.75 in the week.

UNI

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