Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
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It was a week of misery for the markets, with global developments weighing on sentiments. Concern over the US economy faltering back into a recession was the catalyst for a global sell-off. Continued worries over the European sovereign debt situation added to worries. The BSE Sensex lost over 1,000 points and NSE Nifty lost 305 points between Monday and Friday. The two bellwethers plummeted 4.9 per cent by the end of the week.
The BSE Smallcap index fared even worse, down 5.9 per cent. The BSE Midcap index shed 4.7 per cent while the broader CNX 500 was down 4.6 per cent. The Nifty Junior index managed better, down 3.4 per cent by the end of the week.
Among the sector indices, the BSE Realty suffered the most punishing run, down 7.5 per cent. Closely following this index was the BSE IT index, which lost 6.5 per cent on worries over exposure to US and Europe. The other index which lost heavily was the BSE Metals index, down 6.8 per cent. The BSE Oil & Gas index was among the best performers, containing its fall to 1.9 per cent for the week.
In a week fraught with negative news, the stock of Inventure Growth and Securities made its market debut. However, the stock gained as much as 92 per cent on listing day before settling down by the week's end with a 46 per cent gain.
Declining crude oil prices, which helps reduce under-recoveries boosted the stocks of oil marketing companies. The stocks of HPCL, IOCL and BPCL were up between 5.2 and 6.4 per cent for the week.
The stock of Adani Enterprises emerged among the best performers of the BSE 500 index, ending the week with a 5.5 per cent gain after the company refuted allegations of illegal mining. The stock had lost heavily the week before on the allegations.
The results announcements led to quite a few stocks declining on poor results. The stock of DLF tumbled 9 per cent while that of Jindal Steel and Power declined 8 per cent.
A surprise decline in net profits resulted in the stock of Bharti Airtel dropping 5 per cent. Results not matching expectations also led to a 9 per cent fall in the stock of Adani Power.
The stock of BL Kashyap ranked at the bottom of the BSE500 index, tumbling 27 per cent on reports that it was slapped with a Rs 539 crore fine for non-payment of provident fund dues by the EPFO.
Indian researchers are working on cells that can store more energy, last longer
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