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Markets this Week
The Sensex opened on Monday with a huge gap down of nearly 450 points at 15,115, fell further to touch the day's low of 14,846, and closed at 15,066.
Zooming oil prices, grave outlook on inflation and selling spree by FIIs made the investors to unwind their holdings.
While all other indices fell, the BSE Health Care Index ended the day on a positive note as select pharma stocks saw some defensive buying.
Ranbaxy Laboratories was up Rs 19.6 or 3.87 per cent from its previous close, Sun Pharma gained by 2.72 per cent, Lupin rose by Rs 52.25 or 8.05 per cent and Nicholas Piramal was up 2.89 per cent.
Realty stocks on the bourses took a battering with many trading far below their issue price.
The realty index touched a 52-week low, corrected 7.38 per cent at 5,752.22.
Banking stocks were badly battered yet again on Tuesday, with the BSE Bankex shedding 171 points or 2.43 per cent from its previous day's close.
Investors are uncertain as to what steps the RBI would take to rein in the inflation, which is a major reason for them to exit the banking stocks.
The reason as to why the Ranbaxy stock had been moving against the general market direction became public when the company announced on Wednesday the sale of majority stake to the Japanese firm Daiichi Sankyo.
Obviously, there were sections of the market that had a whiff of what was in the offing. The share price of the company surged 6.5 per cent, even when the Sensex tanked more than two per cent. The group's other stocks also moved up sharply.
On Thursday, stocks sagged in the early hours of trade in the face of RBI's hike in short-term lending rates, to make a sharp recovery only hours later as the Index of Industrial Production figures came in.
The Sensex fell by a hefty 437 points intra-day; it finally closed at 15,250, witnessing a swing of more than 500 points from its day's low of 14,748.
To wrap-up the week, amid the flow of negatives, the Nifty breached the January low of 4,448 points intra-day on Monday, but held onto the ground throughout the week denying the bears any opportunity for further onslaught.
The Sensex lost 362 points during the week and closed at 15,190.
The Sensex fell 60 points on Friday as the inflation rate rose to 8.75 per cent.
Compiled by B.L. Sudarshan
Podcast by S. Vasudevan
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