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Markets this week
The Bombay Stock Exchange Sensitive Index on Monday slid to 8,903.12. The Nifty Index was up 14.80 points, to close at 2,708.25.
JP Morgan cut its earnings estimates for the fiscal year ending March 2010 for HDFC Bank, ICICI and Axis Bank by between 10 per cent and 30 per cent.
The ripple effect of a slowing property market is likely to result in a substantial impact on the Indian economy, says a Goldman Sachs report.
The report further added that a slowdown in the realty industry results in an inevitable slowdown in construction activity.
While construction activity accounts for 7.3 per cent of the GDP, the sector's multiplier effect would be felt in other industries that account for an estimated 14 per cent of the GDP.
Selling in blue-chips and a weak opening in European markets dragged the Sensex on Tuesday.
The Sensex lost 207 points, and ended at 8,695 after trading between 8,649 and 9,183 during the session.
On the National Stock Exchange,the Nifty ended lower at 2654 down 54 points.
Value buying by investors in select blue-chips and banking stocks on Wednesday coupled with short-covering by operators surges the Sensex up 331 points to close at 9027. On the National Stock Exchange, the Nifty closed up 98 points at 2,752.
The unprecedented slide in equity markets has impacted the sentiment among investors as well as derivative traders.
This is being reflected in the plunging open interest in the derivative segment of the National Stock Exchange (NSE).
Total outstanding contracts in the derivative segment of NSE were hovering around Rs 56,000 crore on November 25.
The outstanding contracts in November have shrunk to 60 per cent of the open interest compared with January which was above Rs 75,000 cr.
The battle between security forces and the terrorists continued to rage in Mumbai late Thursday at three different locations,- the Taj, the Trident-Oberoi and the Nariman House.
At least 101 people died, (including seven foreigners), and 287 were injured in the terror attacks so far.
Both Bombay Stock Exchange and National Stock Exchange were officially closed on Thursday following the terror attack.
Wednesday's terrorist attack that rocked the Mumbai could further dampen investor sentiment which is hit by the credit crisis, say analysts and marketmen.However, most of them do not expect a sharp fall in key indices.
The annual Wholesale Price Index-based inflation eased to 8.84 per cent for the week ended November 15, marginally down from the previous week's yearly rise of 8.90 per cent.
The benchmark Sensex on Friday opened with a negative bias, a day after the terrorist strike but ended up by 66.00 points at 9,093 and the Nifty was marginally up by 2.85 points and closed at 2,755.
The 30-share index, which had gained 331.19 points in the previous session on November 26, moved down by 137.54 at 8,889.18 points intially. Similarly, the wide-based National Stock Exchange's Nifty moved down by 61.95 points, or 2.25 per cent at 2,690.3 0 at the initial trade.
Compiled by S Vasudevan
Podcast by M J Madhavan
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