The Hindu Business Line : Sensex snaps worst weekly losing streak, ends in green

MUMBAI: The stock markets managed to snap seven-week long losing streak as both the key indices Sensex and Nifty ended the week in the green amid a host of negative factors.

Abysmal industrial data, spiralling inflation as well as global crude oil prices and muted business outlook indicated by IT bellwether Infosys Tech weighed on the market sentiment on Friday, wiping out major part of the week's gains.

The Bombay Stock Exchange 30-share barometer crossed 14K-mark at mid-week, but failed to maintain the level due to fluid political conditions. The Sensex ended the week at 13,469.85, a minor gain of 15.85 points or 0.12 per cent from last weekend's clos e.

In the last seven week of bearish phase, the Sensex had registered a loss of 3,980.94 points or 22.83 per cent, the biggest ever fall in a single weekly losing streak.

The broader 50-share Nifty of the National Stock Exchange also gained 33.00 points or 0.82 per cent to end the week at 4,049.00 from 4,016.00 at previous weekend.

The market digested adverse political news when the Left parties withdrew support to the Congress-led UPA government as the Samajwadi Party extended its support on the issue of the Indo-US nuclear deal. The release of inflation and IIP data at the weeke nd, however, pulled the markets down. Inflation jumped to 11.89 per cent for the week ended June 28 while industrial production showed marginal rise of 3.8 per cent in May, which is substantially lower compared to 10.6 per cent a year ago. - PTI

Foreign Institutional Investors (FIIs) remained net sellers during the week. They pulled out nearly Rs 1,253 crore (including Friday's provisional figure) in the week.

According to analysts, the market may remain bearish in the short-term due to poor economic outlook with further possibility of stringent monetary measures by the Central Bank to contain the rising inflation. Meanwhile, the global crude oil prices touch ed a new peak of $147.27 a barrel in New York on Friday before settling near $145 a barrel, raising possibility of negative impact on the economy.

The broad-based BSE-100 recovered 74.36 points or 1.07 per cent to end the week at 7,050.65 from its last weekend's close of 6,976.29. The BSE-200 Index and the Dollex 200 were quoted better at 1,649.10 and 649.29 at the weekend from previous weekend's close of 1,630.17 and 629.20 respectively.

Among other indices, the small-cap and the mid-cap indices showed smart recovery on the back of good investment buying at lower levels by retail investors. Besides, IT, Oil&Gas and Tech indices, all other sectorial indices ended the week in positive ter rain.

The BSE-PSU ended the week sharply higher by 6.40 per cent, the BSE-Metal (5.60 per cent), the Bankex (3.85 per cent), the BSE-Realty (3.67 per cent), the BSE-Auto (2.83 per cent) and the BSE-FMCG (2.47 per cent).

On the NSE, the S&P CNX Defty recouped by 49.90 points or 1.55 per cent to end the week at 3,274.80 from its last weekend's close of 3,224.90 and the CNX Nifty Junior concluded the week at remarkably up by 227.70 points or 3.66 per cent to 6,446.75 from 6,219.05 last weekend. - PTI

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