Sensex sheds 765 pts, Nifty dips during the week

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Mumbai, Mar 20: The sensitive index of Bombay Stock Exchange tumbled 765 points or 4.85 per cent while Nifty shed 3.62 per cent amidst bouts of volatile trade in a week that saw only three trading sessions, ending on Mar 19.

The Indian bourses suffered losses for third straight week on the account of low buying interest and heavy selling pressure amid hig volatility during the period. The market was closed on Thursday on account of Id-E-Milad and will remain closed on Friday, on account of Good Friday. The BSE Midcap index dropped 619.35 points or 9.40 per cent to 5,964.10 in the week, while Smallcap index slumped 857.30 points or 10.61 per cent to 7,222.20 in the week. Moreover, benchmark Sensex collapsed 6,211.94 points or 29.29 per cent from its all time high of 21,206.77 hit on January 10 .

Index pivotals including realty and bank suffered losses in the market. Bankex came down by 10 per cent and reality tumbled 8 per cent during the week. Public sector lender, Bank of India dropped 14 per cent, private sector ICICI Bank declined 12 per cent and HDFC Bank slid 11 per cent.

In the week, Sensex posted the second biggest single-day point fall ever on negative global cues. Trading for the week began on a bearish note as global markets suffered setback as Sensex tanked 951.03 points or 6.03 per cent at 14,809.49 and the broader based S&P CNX Nifty index of National Stock Exchange tumbled 242.70 points or 5.11 per cent at 4,503.10 on that day.

However, market pared the gains in the rest two sessions as fears of a global turmoil in credit markets eased after a steep 75 basis points interest rate cut by the US Federal Reserve and following better-than-expected results from two major investment banks -- Goldman Sachs Group and Lehman Brothers Holdings.

Foreign institutional investors (FIIs) sold shares worth Rs 15,892.27 crore in the calendar year 2008 so far till Tuesday, 18 March 2008. Domestic mutual funds, on the other hand, pumped Rs 6,638.30 crore during the same period.

Frontliners, Reliance Industries declined 9.14 per cent to Rs 2159.05 in the week. The company has paid advance tax of Rs 443 crore in Q4 March 2008 as against Rs 118 crore paid in Q4 March 2007.

Larsen&Toubro (L&T) lost 3.44 per cent to Rs 2839 in the week.

L&T has paid Rs 170 crore as advance tax in the fourth installment this fiscal as against Rs 80 crore for the last quarter of the previous fiscal.

Reliance Energy (REL) tumbled 9.17 per cent to Rs 1207.50 in the week. As per reports, the company is close to inking an agreement with Indiabulls Real Estate (IBREL) to jointly develop a 6,000-acre multi-product special economic zone (SEZ) in Maharashtra's Raigad district.

Reliance Communications (RCom) slipped 6.14 per cent to Rs 506.45. The company is reportedly planning to acquire a European WiMax operator in a USD 300-400 million deal.

ICICI Bank slumped 12.90 per cent to Rs 766.35 in the week, State Bank of India (SBI) declined 11.34 per cent to Rs 1602.85.


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