Bourses took a beating on Monday on the back of fears that the global economic recovery will be far slower than expected even as poor monsoons continued to cast its shadow on investor sentiment.
The benchmark Sensex slipped over 626 points and fell below the 15,000-mark on sustained selling pressure. The index closed at 14,785 and the broad-based Nifty too closed below the 4,400-level shedding 192 points.
Stockbrokers said the sharp fall in Chinese and other Asian markets triggered the 626-point loss for the Sensex. Foreign institutional investors were net sellers of equities worth Rs 1,226 cr.
A recovery in gloabal markets and value buying in heavyweight stocks aided the market to close higher on Tuesday. The Sensex ended up 250 points at 15,035, after trading between 14,740 and 15,134. On the NSE, the Nifty rose 71 points, to 4,458. Market participants said covering of short positions by traders also supported the markets.
Profit booking at higher levels and subdued sentiment hit the stocks on Wednesday, paring the earlier gains. The benchmark Sensex slumped 225 points to close at 14,809. Chinese stocks triggered a broad Asian sell-off amid concerns over further tightening in credit conditions. On the NSE, the Nifty lost 64 points to settle at 14,394.
Gold demand in the second quarter of 2009 was down 38 per cent to 109 tonnes on the back of high prices and weak economic conditions, according to the World Gold Council (WGC).
Demand from the jewellery sector was down 31 per cent to 88 tonnes. The demand for gold bars and coins more than halved to 21 tonnes against 48 tonnes in the second quarter of 2008.
The demat accounts registered with National Securities Depository Ltd have crossed the 1-crore mark. These accounts have more than 80 per cent of securities held and settled in dematerialised form in India.
Ekkay Magic, a Baroda-based IT services company, has launched a service that allows investors to apply for an IPO through SMS. "SMS IPO", a service that can be offered by any broker, allows registered users to apply for an initial public offering by sending a short message from any mobile handset.
Sterlite Industries on Thursday said it has raised its offer for the US-based copper mine, Asarco by about $500 million. The revised bid will be $2.1 billion in cash. While there is an increase in the cash consideration, Sterlite will receive about 72.5 per cent interest in the Litigation Trust, to be set up by the `Debtors in Possession' (Asarco), at the closing of the transaction consequent to a US court judgment against Americas Mining Corporation.
A buoyant mood in Asian markets, particularly Chinese shares and strong gains in autos, led by Maruti and M&M boosted the bourses to close higher on Thursday. The Sensex spurted by 202 points to settle at 15,012. The Nifty cloed at 4,453 rose 59 points.
Adani Power, whose IPO was subscribed 21 times, listed on a subdued note. Though it opened with a premium of eight per cent at Rs 108 over its issue price of Rs 100 on the NSE, it closed at Rs 100. On the BSE, it opened at Rs 105, touched an intraday high of Rs 107.9 and a low of Rs 98.5 before closing at Rs 100.
On Friday, the market momentum continued owing to stronger sentiments in US and other Asian markets. The Sensex finished the week with a gain of 228 points at 15,240 and the Nifty at 4,528, up by 75 points. The major gainers in the Sensex pack were Hero Honda, ICICI Bank, Mahindra & Mahindra, Bharti Tele, ACC and BHEL.