Sensex, Nifty post fourth straight weekly loss

Mumbai, Aug 19 (UNI) The benchmark index Bombay Stock Exchange (BSE) Sensex declined by 726.73 points to 14,141.52 and the broader National Stock Exchange (NSE) S&P CNX Nifty tanked 225.30 points to settle at 4,108.05 last week, in tune with a global meltdown.

''Domestic indices have posted their fourth straight weekly loss mainly due to weak global markets. A whole host of factors right from yen carry trade unwinding, hedge fund redemption pressure, heavy foreign institutional institute (FII) selling and US sub-prime concerns (credit extended to less credit worthy individuals), haunted local bourses throughout the week. The market declined in 3 out of 4 trading sessions as markets across the globe were inflicted with intense volatility,'' market analysts observed.

The week began on an upbeat note on Monday with the BSE Sensex advancing 148.96 points to 15,017.21, tracking firm Asian markets.

All the sectoral indices on BSE posted gains, except BSE information technology (IT) index.

On Tuesday, the Sensex posted marginal loss of 16.30 points to 15,000.91, on mixed global cues. Turnover was low on that day.

Stock markets remained closed on Wednesday on account of Independence day.

On Thursday, the Sensex slumped 642.70 points at 14,358.21, its second biggest point fall in a day, on intense selling pressure throughout the day. Markets across the globe were gripped with selling frenzy.

Selling continued on Friday, and the Sensex declining 216.69 points at 14,141.52. The Sensex oscillated in a wide rage of 538.68 points. Volatility was intense.

The weekly laggards included Larsen&Toubro (L&T), Bharat Heavy Electricals (Bhel), TCS, Infosys, Satyam Computers, Wipro, Hindalco Industries, Tata Steel, Sterlite Industries, NTPC, ONGC, SBI, RIL and Ranbaxy Laboratories.

India's wholesale price index (inflation) slipped to 4.05 per cent in the 12 months to Aug 4, lower than the previous week's 4.45 per cent, due to a fall in food and manufactured product prices, official data showed on Friday.

UNI