BUY NOW!

Moneylife - Linkedin Moneylife - Facebook Moneylife - Twitter Moneylife - Youtube Moneylife Rss feed
close

Moneylife » Markets » Equities » Nifty, Sensex in a downtrend: Weekly Market Report

Nifty, Sensex in a downtrend: Weekly Market Report

    • 0 Comments, Be the first to comment
  • + COMMENT

Moneylife Digital Team | 17/11/2012 01:15 PM | 

Reversal would be seen only if the Nifty closes above any previous day’s high

 
The Indian market closed the holiday-shortened week with a loss of 2%, mainly on global growth concerns, and the absence of positive triggers from the domestic arena. A decline in industrial output for September and lower exports in October also weighed on the market. The focus now shifts to the Winter Session of Parliament, beginning on 21st November, which will see another stormy session with opposition to the key reforms that were initiated by the UPA government recently.
 
The BSE Sensex tumbled 374 points (2%) to settle at 18,309 and the Nifty closed the week at 5,574, down 112 points (1.97%). The decline indicates that the downtrend is continuing. However, a reversal would be seen only if the Nifty closes above any previous day’s high.
 
The market ended on a flat note on Monday on the decline in industrial production numbers for September and weak global cues. The short trading session on Tuesday to herald the Samvat Year 2069 saw the benchmarks remaining subdued on global concerns. Selling pressure in IT, metal, fast moving consumer goods and auto stocks pushed the indices lower on Thursday. On Friday, the market erased all its gains in late trade and settled around 1% down.
 
In the sectoral space, BSE Consumer Durables (up 1%) was the lone gainer. The top losers were BSE Auto and BSE Metal (down 3% each).
 
The Sensex gainers in the week were Bharti Airtel (up 9%) and Coal India (up 1%). The main losers on the index were Tata Motors (down 6%); Tata Steel, ITC, Hero MotoCorp (down 5% each) and Hindalco Industries (down 4%).
 
The top Nifty performers were Bharti Airtel (up 9%), Coal India and Axis Bank (up 1% each). Tata Motors (down 6%), Grasim Industries, UltraTech Cement, Tata Steel and Ambuja Cements (down 5% each) were the key losers.
 
India’s industrial production, as measured by the Index of Industrial Production (IIP),  contracted by 0.4% in September due dismal show by the manufacturing sector and a decline in consumer as well as capital goods output. Meanwhile, the IIP for August this year was revised downward to 2.3% from earlier provisional estimates of 2.7% released last month.
 
Headline inflation declined marginally to 7.45% in October from 7.81% in the previous month, even though prices of food items like rice, wheat pulses and potato showed a rise giving virtually no respite to the common man battling price rise. India Inc is of the view that the decline in the rate of price rise should encourage the Reserve Bank of India to cut interest rate that will lead to uptick in industrial activity.
 
On the international front, initial jobless claims in the US rose to their highest in more than a year, as a handful of companies announced mass layoffs—a sign of tardy economic growth. Meanwhile, anti-austerity protests and a deepening recession continue to impact the 17-nation Eurozone.
 

Post Comment

More in Moneylife

Traded value of gold ETFs on the National Stock Exchange hardly rose on Akshaya Tritiya. Besides, last month Rs36 crore went out of gold ETFs

Is the interest in Gold ETFs waning? +3936 views

TODAY'S TOP STORIES

Phaneesh Murthy, Infosys, iGate, sexual harassment, insurance companies, Quintant, Patni Computers merger.

Phaneesh Murthy saga: Why insurers should refuse to cover serial offenders of sexual harassment Sucheta Dalal

SEBI, SEBI India, CIC, central information commission, PMS, RTI, RTI India

SEBI still not ready to share PMS data despite CIC order Moneylife Digital Team

Post your Comment
Alert me when new comment is posted on this article
 Please read our Moderation Policy and Terms of Use before posting


VIDEOS

Keep your Money Safe: Avoid money traps and MLM

LATEST COMMENT

I was also trapped by the SBI Credit Cards wing,under the similar cirumstances.

Though I am a disc.. S BHASKARA NARAYANA

MORE

Sensex, Nifty may find short-term support: Wednesday Closing Report Moneylife Digital Team

Sensex, Nifty continue to remain under pressure: Tuesday Closing Report Moneylife Digital Team

Be the first to comment
Moneylife Magazine
SUBSCRIBE
Free
FREE MAGAZINE

Dear Visitor,

Those who have read Moneylife once have been hooked by its unique combination of penetrating research, independent opinion, choice of topics and our consistent pro-consumer and pro-investor stance, which no other publication takes. For a sample of reader responses, see below. If you are new to the site, you have a chance to taste Moneylife free for three issues. We do a lucky draw once a few days to select the lucky winners. So try your hand and get hooked!

Debashis Basu
Editor & Publisher, Moneylife Magazine

Congratulations to Mahendra Dharod the lucky winner. You will receive a free Moneylife subscription for three issues.

  

Register for a Lucky Draw
 
First Name
Last Name
Address
Email
Security Code secure code
  Not readable? Change text.
  Submit
 

 

Moneylife Store
BUY NOW

What's your say?

Should the BCCI be brought under the ambit of RTI Act for bringing more transparency?
Yes
No
Can't Say
 
Enter Code : secure code
    change code
VOTE

What you said

Are KYC norms applicable only for genuine customers?

Thanks for casting your votes! View Previous Polls

Join 22, 000 Others

Membership Benefits
  • Daily & Weekly newsletters
  • Access to www.moneylife.in to comment, create alerts
  • Your own profile in Moneylife.in
  • All special mailers
  • Basic membership to MSSN, our new initiative
  • Free ebooks
  • Invitation to events
  • Invitation to round-table meets
  • Access to Insurance helpline
  • Access to counselling sessions
  • Access to Reading room in Mumbai

Foundation Events