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Weekly market wrap | Sensex falls 4.7%; Nifty drops 5.89%

Weekly market wrap | Sensex falls 4.7%; Nifty drops 5.89%
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First Published: Sun, Jun 21 2009. 10 47 PM IST
Updated: Sun, Jun 21 2009. 10 47 PM IST
The Sensex dropped for a third day on Monday June 15th on weakness in metal and oil prices. Sterlite Industries and Hindalco declined after copper prices in Asia fell on speculation that supply may outpace demand in China, the world’s largest consumer of the metal. Reliance Industries fell the most since 7 January on concern that a court ruling to supply gas at lower than market prices to Reliance Natural would hurt its earnings. Reliance Natural shot up 24% on the news.
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On Tuesday, the Sensex broke a 3-day decline led by banks, after Goldman Sachs raised the ratings of SBI and other lenders, saying they would benefit from a recovery in the economy. The nation’s most valuable company RIL fell again after Kotak Securities downgraded its stock rating based on the Bombay high court ruling.
However, the BSE index fell the most in 7 weeks on Wednesday after uncertainty about the global economic recovery, which could in turn hamper the world wide stock rally. RIL and L&T dipped, and metal stocks took a hit as well.
Stocks fell on Thursday, even after wholesale prices index (WPI) based inflation fell for the first time in 30 years. The Sensex’s gain for the quarter trimmed down to 47%. Reliance led the decline after UBS cut it’s rating from neutral to sell. Tata Steel and India’s biggest cement maker ACC, also saw significant declines.
The benchmark index bounced back sharply on Friday, after two days of downfall. Stocks that saw pressure during the week managed to recover some of their losses. But for the week, the Sensex and the Nifty both plunged as investors booked profits on infrastructure and commodity stocks.
The Sensex ended the week at 14,521.89, down by 716.05 points, or 4.70%, over its last weekend’s close.
The NSE Nifty also fell to end the week at 4,313.60, low by 269.80 points, or 5.89%, from its previous weekend’s close.
Top gainers were Tata Steel, L&T, Reliance Infrastructure, Tata Motors and Jaiprakash Associates.
Top losers included NTPC, Tata Power, ACC, Mahindra and Mahindra, and Sun Pharma.
Most sectors indices made good gains, led by capital goods, realty, metal, and IT. All other sector indices also ended in the green.
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First Published: Sun, Jun 21 2009. 10 47 PM IST
More Topics: Sensex | Stocks | Shares | Nifty | BSE |