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Sensex tumbles 843 pts over the week; ONGC jumps
June, 07th 2008

India`s benchmark index, Sensex extended its losses for the third consecutive week, due to heavy selling by overseas investors and discouraging global markets. The 30-share index fell on soaring inflation concern and rising oil prices weighing down auto makers. ONGC, Wipro, ITC led the advances, while BHEL, Ambuja Cement and L&T led the declines.

The 30-share index lost 843.39 points, or 5.13% to 15,572.18 in the week ended Jun. 6, 2008 whereas the broad based NSE Nifty closed down 242.30 points, or 4.97% to 4,627.80 in the same period.

The Sensex on Friday lost 197.54 points, or 1.25% to settle at 15,572.18, while the broad-based Nifty closed down 49.15 points, or 1.05% at 4,627.80.

BSE mid-caps and small-caps declined 6.07% and 5.37% respectively over the week.

The wholesale price index witnessed a radical upsurge in inflation figures which stood at 8.24% for the week ended May 24, despite fall in prices of some essential commodities like fruits, vegetables, spices.

ONGC soared 10.29% over the week after the government announced hike in petrol, diesel, and LPG cylinder by Rs 5, Rs 3 and Rs 50 respectively.

The construction and engineering company Larsen & Toubro (L&T) fell 8.73% during the week on news that the company has outbid BHEL for supply of main power equipment for a proposed 1,600 mw power project in Andhra Pradesh.

New listing

Hyderabad-based drugmaker Anu`s Laboratories, which made its debut at the bourses on Wednesday, closed at Rs 268.05, representing a premium of 27.64% over its issue price of Rs 210. Shares of the company got listed at Rs 260, up Rs 50, or 23.81%.

Ahemedabad-based Gokul Refoils and Solvent settled at a discount of 7.15% at the Bombay Stock Exchange (BSE). Shares of the company closed at Rs 181.05, down Rs 13.95, or 7.15%. A total of about 21.15 million shares changed hands at the BSE.

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