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Global economic worries hit Indian market, Sensex down 114 points
July, 03rd 2010

Global economic apprehensions of a slowdown in manufacturing growth in the coming months on debt crisis in Europe pulled down the BSE benchmark Sensex by 114 points during the week.

Metal shares slid sharply on heavy selling. The BSE-Metal index fell 500.58 points or 3.36 per cent, after the Conference Board, a US-based research group, corrected its April 2010 gauge to assess the outlook of China's economy.

IT shares dropped on profit-taking in view of dismal US economic data, while banking stocks moved down on rate hike worries (RBI raised key rates after market closed on Friday).

However, capital goods, small-cap, mid-cap and oil & gas sectors firmed up on good support as exports rose for the seventh straight month in May 2010, growing at a rate of 35 per cent per annum to USD 16.1 billion. Still, cooling of the manufacturing growth in June adversely affected the market.

Oil & gas stocks extended gains after government freed petrol pricing and raised prices of other fuels last week.

The 30-share Sensex resumed higher at 17,577.66 and hovered in a range of 17,794.80 and 17,373.78 before ending the week at 17,460.95, showing a net loss of 113.58 points, or 0.65 per cent. Chinese stocks tumbled after the Conference Board revised its April 2010 gauge for the outlook of the world's third largest economy.

Asian stocks slid after Chinese manufacturing growth slowed and Moody's Investors Service placed Spain's credit rating on review for a possible downgrade, fuelling concern over the strength of the global economy.

Meanwhile, food inflation dropped to 12.92 per cent for the week ended June 19 from 16.12 per cent previously.

From the Sensex pack, Sterlite Ind fell by 4.52 per cent, Jindal Steel 4.28 per cent, Tata Steel 3.11 per cent, BHEL 2.47 per cent, Hindalco 2.99 per cent, ICICI Bank 2.09 per cent, TCS 2.37 per cent, Cipla 2.87 per cent, M&M 2.02 per cent, Infosys 1.75 per cent and SBI lost 1.54 per cent.

However, ONGC shot up by 3.25 per cent, NTPC 3.11 per cent, RInfra 2.48 per cent and L&T gained 1.43 per cent. The NSE Nifty also dropped by 31.95 points or 0.61 per cent to 5,237.10 from last weekend's level of 5,269.05.

Among the major indices, the BSE-IT index fell 85.38 points or by 1.60 per cent, BSE-Healthcare 61.79 points or by 1.07 per cent, and Bankex lost 89.13 points or by 0.83 per cent.

However, the BSE-CD shot up by 127.11 points or 2.76 per cent and BSE-Oil&gas rose 112.45 points, or 1.06 per cent. Small-cap and mid-cap indices also firmed up by 114.78 and 35.92 points, or 1.28 per cent and 0.51 per cent respectively.

Turnover at the BSE and NSE stood at Rs 22,801.55 crore and Rs 65,287.98 crore, respectively, as compared to he previous week level of Rs 22,551.77 crore and Rs 67,965.58 crore.

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