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Weekly review: Asian markets weigh
August, 22nd 2009

Monsoon worries and Asian markets led Sensex to a topsy-turvey session this week.

The Sensex tanked over 600 points at the opening of the week on fresh monsoon worries and global concerns about the economic recovery. Through the week the index was volatile and slipped below the 15,000 level only to regain it later. It touched a low of 14,740 on Tuesday as the Shanghai markets crashed. However, the index managed to recoup some of its losses on Friday.

The Sensex finally ended with a loss of 171 points (1%) at 15,241. The NSE Nifty also slipped 51 points (1%) to 4,529.

US markets surged on Friday to hit their highest in at-least nine-months. Asian markets were volatile and Shanghai slumped sharply in the middle of the week, dragging Indian markets with it.

Government's announcement that 246 districts in 10 states are drought prone so far, did not go down well with the investors. Markets also slipped as the death toll of swine flu rose steadily to 47.

Auto sector was hit by the monsoon delay with Tata Motors plunging 7.3% this week to Rs 467. Reliance Infrastructure and ACC tumbled 6.5% each to Rs 1,186 and Rs 830, respectively.

Metal stocks slipped. Tata Steel and Sterlite slumped 5% each to Rs 470 and Rs 662, respectively. Hindalco shed 4% to Rs 108.

Sensex heavyweight, Reliance, lost 5% to Rs 2,034. Pharma major, Sun Pharma dipped 3% to Rs 1,223 as worries regarding subsidiary, Caraco, seemed to persist.

The other losers included Reliance Communications, DLF, Jaiprakash Associates, Grasim and ITC.

However, HDFC gained 5% to Rs 2,311. BHEL added 4% to Rs 2,201.

Maruti Suzuki, HDFC Bank, Mahindra & Mahindra, Hindustan Unilever and Tata Power moved up 1-2% each this week.

The market breadth this week was negative. Out of 24,037 stocks traded, 12,156 declined while 11,173 advanced.

According to provisional data fro Sebi, Foreign institutional investors (FIIs) were net sellers of shares worth Rs 1,111.9 crore this week while mutual funds were net sellers of Rs 400.6 crore till Thursday.

 
 
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