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Despite NSG waiver, equity markets go down
Calcutta News.Net
Saturday 13th September, 2008 (IANS)
The Indian equity markets had a mixed week as the key indices surged on the first day of trading, thanks to the Nuclear Suppliers' Group (NSG) giving a waiver to India, but then went down in the remaining four seasons due to weak global markets.
The 45-nation NSG Sep 6 lifted a 34-year-old embargo on nuclear trade with India.
Inflation based on the wholesale moderated to 12.1 percent for the week ended Aug 30, compared to 12.34 percent for the week before.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, shed 483.02 points or 3.33 percent to 14,000.81 in the week. The S&P CNX Nifty index of the National Stock Exchange fell 123.85 points or 2.84 percent to 4,228.45.
The BSE mid-cap index declined 216.58 points or 3.76 percent to 5,537.14 points. The BSE small-cap index slipped 193.68 points or 2.8 percent to 6,711.54.
Key benchmark indices surged Monday following the positive news on nuclear deal. The Sensex jumped 461.14 points or 3.18 percent at 14,944.97. The Nifty jumped 130 points or 2.99 percent to 4,482.30.
On Tuesday, the key benchmark indices ended a choppy session lower weighed down by weak Asian markets. The Sensex declined 44.21 points or 0.3 percent to 14,900.76. The Nifty slipped 13.6 points or 0.3 percent to end at 4,468.70.
On Wednesday also, weak global markets weighed heavily on investors. The Sensex slipped 238.15 points or 1.6 percent to 14,662.61. The Nifty slipped 68.45 points or 1.53 percent to 4,400.25.
For the third consecutive day, the market remained weak Thursday. The Sensex lost 338.32 points or 2.31 percent to 14,324.29. The Nifty slipped 109.95 points or 2.5 percent to 4,290.30.
On Friday, heavy selling in index pivotals pulled the Sensex down further. It ended down 323.48 points or 2.26 percent to 14,000.81. The Nifty slipped 61.85 points or 1.44 percent to 4,228.45.
India's largest private sector firm by market capitalisation Reliance Industries Ltd (RIL) slumped 7.11 percent to Rs.1,931.40 per share.
India's largest cellular services provider in terms of market capitalisation Bharti Airtel fell 3.15 percent to Rs.778.70. The country's largest private sector bank ICICI Bank shed five percent to Rs.652.85.
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