Sensex fell 234.07 pc, Nifty tumbles 76.45 pc in the week

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Mumbai, May 31 (UNI) The Bombay Stock Exchange slid 234.07 points to 16,415.57, while Nifty lost 76.45 points to 4,870.10 in the week ended May 30 on prevailing worries over spiralling inflation and possibility of hike in retail fuel prices.

The Indian bourses witnessed downtrend in the three sessions of the week on panic selling pressure due to possible hike in domestic retail fuel prices as global crude oil prices sharply surged to all time high, marketmen observed.

However, better than expected Q4 GDP growth for the financial year 2007-08 provided some relief to the bourses on Friday.

The BSE Midcap index declined 176.57 points, or 2.55 per cent, to 6,760.54, and Smallcap index plunged 384.39 points, or 4.51 per cent, to 8,133.04.

Banking stocks were worst hit in the week, with Bankex tumbling 6.5 pc led by the top-end lenders including ICICI Bank and SBI, plunging over 8 per cent. However, IT Index gained 6.5 pc as rupee weakened against the US currency. Frontliner, IT stocks -- TCS, Satyam and Infosys surged 11.4 pc, 8 pc and 6.8 pc respectively.

However, Unitech fell 13.5 pc.

Country's largest private telecom operater Bharti Airtel gained 4.74 per cent to Rs 876.45. The company decided to discontinue the ongoing talks with the South African telecom major, MTN.

Reliance Communications edged up nearly one per cent to Rs 577.15.

The company had entered into negotiations with South Africa's MTN Group after the latter's merger deal with Bharti Airtel was derailed.

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