Sensex sheds 322.69 pts in week

Mumbai, Aug 23: The Bombay Stock Exchange Sensex shed 322.69 points to 14,401.49, even as Nifty index dropped by 103.25 points to 4327.45 on persisting weak global cues in the week ended August 22.

Interest rate sensitive stocks including banking, real estate and automobile were pulled down due to sustained selling pressure on these counters. On the other hand, a fresh bounce back in crude oil prices to higher levels also kept market sentiments subdued on the worries of outflow from the stock market, marketmen observed.

The 30-share Sensex had slid down 5,885.50 points or 29.01 per cent in calendar year 2008 so far from a high closing of 20,286.99 on December 31, 2007. Moreover, it had dropped 6,805.28 points or 32.09 per cent from its all-time high of 21,206.77, hit on January 10, 2008.

Meanwhile, the BSE Mid-Cap index fell 96.57 points or 1.66 per cent to 5,726.85 and Small-Cap index slipped 184.59 points or 2.60 per cent to 6,925.85 in the week.

Foreign institutional investors (FIIs) sold shares worth Rs 1,109.50 crore in this month till August 21, 2008. FIIs sold shares worth Rs 28,411.50 crore in the calendar year 2008. Mutual funds sold shares worth Rs 983.50 crore this month.

India's largest commercial bank State Bank of India fell by 7.86 per cent to Rs 1,346.25 in the week. The Bank's employees went on strike on August 18, 2008, protesting the merger of subsidiary State Bank of Saurashtra with the State Bank of India.

India's largest private sector lender ICICI Bank fell by 4.27 per cent to Rs 644.50. The bank has reportedly sold about USD 275 million from its credit derivative portfolio in its foreign branches. The transaction, closed a few weeks ago, will enable ICICI Bank to cut its mark-to-market losses, reports suggested.

Maruti Suzuki (India) fell by 2.87 per cent to Rs 631.85. The company reportedly plans to increase its vehicle exports to 2,00,000 units annually by 2010-11.

UNI