Sensex tanks 1028.17 pts, Nifty drifts 295 pts

Written by:
Subscribe to Oneindia News

Mumbai, Apr 5: The Sensex tumbled 1028.17 points or 6.28 per cent to 15343.12 while Nifty fell 295 points, or about 6 per cent, in the week ended April 4.

The market fell sharply in the first and the last sessions of the week amidst bouts of volatility caused due to global as well as domestic factors, stock brokers said. The Indian bourses dragged down by over 726 points in the first session of the week after concerns of potential losses of corporate India on forex derivatives resurfaced after the Institute of Chartered Accountants of India (ICAI) asked companies to disclose losses on a mark-to-market basis incurred on derivatives trades.

In the last session of the week, the market sentiments were dampened on the data reports of inflation touching a three-year high, market-men said.

The benchmark Sensex shed nearly 500 points on Friday. However, the market witnessed high gains in the first half but erased most of the early gains in the second half, closing almost flat in the rest of the sessions.

The volume of trade was moderate throughout the week as majority of the jobbers stayed away from the market on April 1 and remained less active thenafter, protesting change in tax treatment of the Securities Transaction Tax (STT) that came into force from the same day.

Meanwhile, the annual wholesale price index (WPI)-based inflation surged to 7 per cent from previous 6.68 per cent in the week ended March 22, according to the data released by the Government on Friday.

The BSE Midcap index fell 259.94 points, or 4 per cent, to 6262.85, while Smallcap index marked a loss of 186.99 points, or 2.37 per cent, to 7714.99 in the week.

Index heavy weight Bharat Heavy Electricals plunged 21.90 per cent in the week following its worst quarterly earnings in six years. Housing Development Finance Corporation (HDFC) plunged 12.92 per cent during the week on concerns that the Reserve Bank might hike interest rate or let the Rupee appreciate.

Realty major DLF tanked more than 12 per cent over the week on concerns that the demand will decline due to higher interest rates.

Wipro, the country's third largest software exporter, lost over 8 per cent on concerns that the Reserve Bank may allow further appreciation of the Rupee.

All sectoral stocks declined during the week. Major losers in the sectoral indices were Capital Goods which plunged 12.69 per cent.

Power dropped 10.23 per cent, Metal slipped 8.28 per cent, Realty lost 7.99 per cent and Bankex declined 7.44 per cent in the week.

Consumer Durables, Auto, Tech were other major losers while the rest reported loss of at least 2 per cent.


Please Wait while comments are loading...